Shares of Google are tumbling today after the search giant released quarterly earnings in which the company reported revenue of $14.10 billion, a 45 percent increase. However, net income fell from $2.73 billion to $2.18 billion during the third quarter. And operating income also declined.
The company, which now has $45.7 billion in cash and cash equivalents, also saw its workforce decline. It employed 53,546 people at the end of September, compared to 54,604 at the end of June. (Google continues to digest Motorola, and that is likely one factor driving the declines). The company, which employs about 1,000 workers in the Seattle area, had originally planned to release earnings after the close of the markets today. (Note: Microsoft also is releasing earnings later today).
Meanwhile, The Verge points out that the press release issued with the SEC includes the words “PENDING LARRY QUOTE” — a reference presumably to CEO Larry Page. They suggest that the oversight indicates that the earnings were possibly hastily released.
According to The Next Web, trading was halted in Google, though the reason for it was not disclosed. The stock slump means that Google no longer has a market value ($224 billion) greater than Microsoft’s ($247 billion).
Shares of Google were down nine percent in trading today. Here’s the stock chart: