Yesterday, online advertising giant Google found itself in a colossal blunder. As Antone Gonsalves of Read Write Web reports:
The fiasco began early Thursday morning Pacific time, when Google accidentally released its third-quarter earnings ahead of schedule. The results were supposed to come out at the end of the day.
Worse yet, the earnings were terrible - so bad that the stock plummeted 9% within 20 minutes after the release of a filing with the Securities and Exchange Commission.
Compounding the error was the fact that the release that was, well, released wasn’t fully baked yet:
The press release filed with the SEC contains the note “pending Larry quote.” Apparently, “Larry” refers to Chief Executive Larry Page. In other words, Google was holding a spot in the release where it would pop in a quote from Page, but then someone, somehow, went ahead and hit “send,” and put the release out before it was completed.
Sure, it’s not the end of the world. But the combination of bad news and inept rollout of that bad news is not what Google needs right now.
After halting trading on its stock, Google eventually released the fully vetted results later on the day.