Business, Finance & Economics

Google stock tanks after earnings statement leaked

google_glasses_040412.jpg

Google unveiled its "Project Glass" smartphone eyewear project on Wednesday.

Credit:

Jeff J Mitchell

Google stock took a nosedive after a disappointing third quarter earnings statement was leaked ahead of schedule.

A press release for the earnings report appeared on the Securities and Exchange Commission website with a note that the document still needed a quote from CEO Larry Page, The Huffington Post reported.

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It was supposed to be released three hours later after the markets closed Thursday.

Within minutes, Google's stock price dropped 8 percent -- or $60.49 -- to close at $695, erasing about $20 billion in shareholder wealth, The Associated Press reported.

Google Inc. blamed printer R.R. Donnelley & Sons Co. for the mix-up.

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"We are fully engaged in an investigation to determine how this event took place and are pursuing our first obligation, which is to serve our valued customer," R.R. Donnelley said in a statement.

Analysts pointed to mobile devices for Google's slumping advertising revenue.

The company also acquired Motorola Mobility for $12.5 billion earlier this year, and Motorola reported weak third quarter revenue as well, according to Bloomberg.