Google stock plunges 8% after early Q3 release

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Google stock plunges 8% after early Q3 release
Google shares plunged 8% after the company posted early quarterly results which came lower than expected.

After the figures, trading of the stock was suspended for two hours after early disappointing Q3 results. The stock closed at $695, lower by 8.01% on NASDAQ.

The NASDAQ listed Google dragged the NASDAQ indice lower along with it. The NASDQ ended the day lower by more than 1%.
Google reported net profit at USD 2.18 billion or USD 6.53 per share, down 20%, compared to USD 2.73 billion or USD 8.33 per share in the same period a year ago.

However, the company reported rise in its revenue by 45% from last year to USD 14.1 billion. Net cash provided by operating activities in the third quarter of 2012 totaled $4.0 billion, compared to $3.95 billion in the third quarter of 2011.

As of September 30, 2012, cash, cash equivalents, and short-term marketable securities stood at $45.7 billion.

Google headcount on a worldwide basis, stood at 53,546 full-time employees (36,118 in Google business and 17,428 in Motorola business) as of September 30, 2012, compared to 54,604 full-time employees as of June 30, 2012.

Read more about: google, nasdaq
Story first published: Friday, October 19, 2012, 11:43 [IST]
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