Google is chaos: quarterly report already released by mistake.
Submitted by Julian King on Fri, 10/19/2012 - 16:09
The publication ahead of schedule of the accounts of Google, made public by hours in advance while the press was still incomplete, has been a "human error rather than a systemic problem." This was stated by the CEO of the company specializes in printing services financial RR Donnelley, Tom Quinlan, in an interview with the Wall Street Journal.
RR Donnelley forwards 100,000 documents per year to the Sec and errors of this magnitude are extremely rare, highlights Quilan. "It's not a common thing in our world. If it was common for us, we would be out of this business."
GOOGLE: Revealed error accounts for the quarter
Google freezes Wall Street. For a "mistake" the company specializes in the printing of the results RR Donnelly Financial results for the third quarter are disclosed, without authorization, and hours in advance, in a statement in which incomplete reading "Page Units Pending ', waiting for the declaration Larry Page, the CEO. And it is just panic titles Google rooted in the wake of disappointing results, coming to sell up to 10.5% and to be suspended for more than two hours to give time for the company to complete the statement . soon as part of the trade, Google is still a loss, almost 9%.
And then closes the session to -8.01%. Google ended the third quarter with a net profit down 20% to 2.18 billion dollars, or $ 6.53 per share, from 2.73 billion in the same period last year. Excluding certain accounting items, earnings per share of $ 9.03 is, below the expectations of Analysts betting on $ 10.65 per share. Revenue rose to $ 11.33 billion from 7.51 billion in the third quarter of 2011: an increase that does not meet the expectations of the market, which aimed to 11.83 billion of dollars.
Accounts are the first full quarterly which include the acquisition of Motorola. In the conference call with analysts, Page asks "excuse" for what happened in the spread of the accounts. E is satisfied with the results, which are not bad for a "teenager" like Google, a company 14 years. Page focuses on the good performance of Android: Google each month activated 1.3 million new Android devices, for a total of half a billion users. As usual the Google accounts were expected after the close of Wall Street.
And the advance of several hours was quick to suspect that it was a mistake, because the press seemed incomplete without the declaration of Page. "Some hours ago RR Donnelly, a company specializing in release of financial results, has informed us that they have filed a draft of our report on the financial results 8K without permission.
We stopped trading on the Nasdaq as we work to finalize the document. As soon as finalized publish our results, we will take the business to the Nasdaq and keep the call on the results as expected "Google was quick to point out after the release of unexpected results. RR Donnelly investigates to find out what went wrong. L 'episode - according to observers - offers a glimpse not pleasant to how the world of finance: in many wonder why Google has delivered so early results to the company, not even finish the document.
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