Google shares fall after error

Shares in the internet search giant were suspended in the United States 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 press release which was sent to the Securities and Exchange Commission was titled ‘Pending Larry Quote’ referring to the company’s chief executive, Larry Page.

Google shares fell by almost 10 per cent ($US68.19) to $US687.3, in eight minutes before trading was suspended and weighed on the broader Nasdaq Stock Market, and when stock resumed trading it had ended down eight per cent.

R.R. Donnelley files over 100,000 documents with the US stock exchange each year. Google later issued its official news release with the quarterly results in which it states Google’s revenue grew by 45 per cent year-on-year and after only 14 years since its establishment; it had its first US$14bn revenue quarter.

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