Thursday, October 18, 2012

Google shares suspended after accidental email wipes $22bn off value

The Guardian by Charles Arthur 18 October 2012

Search engine's unfinished financial release inadvertently sent, revealing quarterly results well below Wall Street expectations

It was the printer's error that wiped about $20bn from the value of the world's biggest search engine. Shares in Google were suspended after an accidental email to the US stock market authorities revealed that the company's latest quarterly results were far below Wall Street's demanding expectations.

The inadvertent – and clearly unfinished – financial release began with the words "PENDING LARRY QUOTE" – referring to the company's chief executive, Larry Page, whose job, normally, would be to put the best gloss on the financial figures. But he was likely to be offering different sentiments after the stock tumbled 9% before trading was halted. After trading resumed the shares recovered slightly to close down 8%.

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