Google Earnings Miss the Mark

Jung Yeon-Je / AFP / GettyImages

Google Chief Executive Eric Schmidt speaks during a news conference to launch its new tablet PC, Nexus 7, in Seoul on September 27, 2012. Schmidt criticised raging patent disputes in the global mobile industry, accusing them of stifling innovation and preventing choices for consumers. AFP PHOTO/JUNG YEON-JE (Photo credit should read JUNG YEON-JE/AFP/GettyImages)

Shares of Google sank 10 percent on Thursday after the company's dismal third-quarter earnings report was prematurely released—and showed the company falling short of expectations. Earnings per share had been pegged at $10.65 and instead came in at $9.03. The report also showed that the company’s revenue was $11.33 billion—$500 million less than predicted. Trading was halted until the official report was released, at which point the stock recovered some of its lost ground. CEO Larry Page was quoted in the second report saying, “We had a strong quarter. Revenue was up 45 percent year-on-year, and, at just fourteen years old, we cleared our first $14 billion revenue quarter."