Google’s shares dropped on Thursday after reporting quarterly earnings. Google reported revenues of $14.1 billion during the third quarter, which is up 45% compared to the same period last year. Net income fell to $2.18 billion, which is a decline of 20%. The company’s operating costs had rose substantially.
Google’s report release appeared on a U.S. Securities and Exchange website at midday, which was several hours before the announcement was planned. Google blamed their financial printer company RR Donnelley for the timing error, which pushed their stock price down.
Google had to suspend trading for a few hours after they corrected and finalized the earnings report. When Google CEO Larry Page started the earnings call with analysts, he apologized for the glitch and said “I’m sorry about the scramble earlier today.”
?Google is super-well-placed to take advantage of these disruptions,? said Mr. Page. He said that the company’s overall revenue from mobile devices has grown at a rapid pace. Google’s overall profit was affected by their Motorola subsidiary. Motorola reported an adjusted operating loss of $151 million in the quarter. Google bought Motorola Mobility for $12.5 billion in May.
Larry Page is recovering from a voice condition and he sounded hoarse during the call. Interestingly he talked about the “Gangnam Style” video on YouTube, but in a flustered way.
“So I was just, the recent video of horse dancing, came in style. I have been watching, its 400 million views now ? 500 million. And that kind of thing to really just put the switch, turn it on, get a worldwide distribution and sort of ? almost without doing any work, if you are a provider of this content is an amazing thing.”