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The blunder that cost Google $24 BILLION in EIGHT minutes

published by Tom Sullivan on Fri, 2012-10-19 07:58

Shares suspended after printers' blunder accidentally reveals shock 20% drop in profits early

Google suffered the single largest plunge in stock market history on Thursday when $24billion (£15billion) was wiped off the company's value after its results were accidentally released.

The catastrophic error revealed that profits were down by 20 per cent.

Trading in the company's stock was halted when its shares fell by nine per cent in just eight minutes following the release of its disappointing earnings report.

The report was leaked ahead of schedule when a printing firm working for Google put out an incomplete press release without authorisation from the online giant.

The plunge prompted worries that a second dot.com crash could be on the way. Google's troubles coincide with a steady fall in Facebook's share price and the ongoing struggles of newer start-ups such as Groupon and Zynga.

Source and full story: Daily Mail, 18 Oct 2012

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Comments

Submitted by andie531 on Fri, 2012-10-19 18:27.

A "printing firm"?  Seriously, would Google use print media to send a message?  This doesn't sound right.

Submitted by Tom Sullivan on Fri, 2012-10-19 19:32.

Good point, Andie. Most organisations I know of use wire services such as PR Newswire to distribute press releases.

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