Google shares have been suspended from trading after the company posted a 20 percent profit dip. For the third quarter, Google’s profits fell 20 percent to £1.35bn – which is down on expectations from analysts.
A press release filed by Google to the Securities and Exchange Commission contained the words ‘Pending Larry Quote’ suggesting that that the release was released earlier than expected by mistake. The internet giant was expected to post its results following the closing bell.
Following the large slump, Google’s market capitalisation of has fallen to below that of Microsoft’s.
Some analysts indicate that one of the major reasons for the fall in profits was the low amount of revenue being contributed by Google’s Motorola Mobility acquisition.