Google surprisingly reveals big drop in profitsOctober 18, 2012 - 21:39 AMT PanARMENIAN.Net - Internet giant Google has revealed a big drop in profits, surprising the market by releasing its third-quarter results early, apparently by mistake, BBC News reports. Third-quarter profits fell 20% on a year earlier to $2.18bn and below analysts' expectations. Shares in Google fell 9%, with some reports saying that trading in the stock had been suspended. The company's results had been expected after the closing bell but were filed early. The press release, filed with the Securities and Exchange Commission, says "PENDING LARRY QUOTE" at the beginning, referring to Google chief executive Larry Page and suggesting that it was not ready for publication and was released by mistake. The statement did not include any comments on the reasons for the slump in profits. Net revenue rose to $11.3bn from $7.5bn, but was still below forecasts. The slide in Google's share price took the company's market value back down below that of Microsoft, which it had overtaken earlier this month. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. |