Even a dorky-looking pair of Google Glasses won’t be able to hide the disdain on Google CEO Larry Page’s face today. Reuters reports that the company’s financial printers, RR Donnelley, accidentally filed a draft of the company’s Q3 earnings results to the SEC. “PENDING LARRY QUOTE,” reads a placeholder at the top, indicating that the results were filed accidentally, before Mr. Page had a chance to chime in and defend the 20 percent dive in net income.
Company earnings are typically filed before or after trading hours to reduce the immediate impact on stock prices. As of this writing, Google’s stock had dipped 9.03 percent, though it’s still hovering around $687.
In response to the accidental filing, Google said that RR Donnelley had filed the earnings without authorization. “We have ceased trading on NASDAQ while we work to finalize the document. Once it’s finalized we will release our earnings, resume trading on NASDAQ and hold our earnings call as normal at 1:30 PM PT,” the company said.
As for the earnings, RR Donnelley told Reuters that it’s still working to finalize the statement, but things don’t look very promising for the internet giant. The purchase of the underperforming cell phone manufacturer Motorola Mobility may have crippled Google’s performance this quarter. According to Reuters:
“Google, which has been struggling to turn around a loss-making cell phone maker Motorola Mobility that it bought for $12.5 billion, reported a 20 percent dive in net income to $2.18 billion. Excluding certain items, it earned $9.03 a share, vastly underperforming the $10.65 analysts had expected, on average.
‘Click prices declined for the fourth consecutive quarter after rising for eight consecutive quarters before then. That’s a negative. This is the mobile problem,’ [said an analyst].
‘The other bit is the Motorola millstone had been ignored by the market, and – boom – now you’ve got weak revenue from Motorola. When you acquire a business and you’re about to whack all kinds of people and close offices, you know what happens to the employees? They take their eye off the ball. Sales are down.’”
In RR Donnelley’s defense, we’re not sure Mr. Page can do much better than “PENDING.”