Google’s share price dropped by 8% yesterday after the accidental early release of third quarter results which show the year-on-year profits dropped 20% in the third quarter.
The third quarter results showed the company’s operating costs had escalated, despite writing 45% more revenue than last year, while weak advertising prices also contributed to the drop.
The company cleared US$2.18bn, down from US$2.73bn this time last year, as operating costs soared from US$3.28bn last year to US$4.81bn this year.
Costs per click also fell 15% from 2011 prices, and were down 3% on the second quarter.
However, the company’s share drop was mainly blamed on an accidental early filing of a draft version the results on the US stock exchange, which saw share trading on the company suspended for two hours.