Google is one of the largest and most powerful corporations in the world, but on Thursday the tech giant was brought to its knees by a printer malfunction. Well, that and the fact that the company's net income in this year's third quarter fell 20 percent to $2.18 billion (... and cue the violins). It was an all-around terrible day to be working for Google (except for the part where you could go eat lunch at one of the best cafeterias in America, that part probably never gets old):
The search giant reported a drop in third-quarter net income of $9.03 per share, well below analyst expectations despite $14.1 billion in revenue for the quarter, an increase of 45 percent. The revenue Google derives from clicks on its search results - the heart of its business - was down 15 percent over 2011.
Adding to the day's turmoil, Google's printer accidentally sent out the earnings report early. The SEC filings appeared on the Web a few hours ahead of schedule and included editorial comments like "LARRY QUOTE HERE," ostensibly implying the space for a quote from Google CEO Larry Page.
The earnings report was originally intended to be released after the close of Nasdaq, but instead it sent Google's stock into a freefall and the market into a minor panic. I guess these are the types of things that happen when you're busy mapping coral reefs. It shouldn't be that hard for a corporation like Google to correctly send out a press release. Here, take a look.