Google shares fall on premature earnings

October 18, 2012 23:21

Google Inc. rematurely released its quarterly earnings midday Thursday, reporting that profit declined 20% as total costs jumped and advertising prices continued to slide.

The unexpected release, via a filing with the Securities & Exchange Commission, triggered a selloff in Google shares. The stock dropped about 9% before trading was suspended and weighed on the broader Nasdaq Stock Market. The results missed expectations and the company released its results several hours earlier than expected.

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