Google Inc(NASDAQ:GOOG) surprised the market today by announcing results early, but earnings are not at all if favor of investors and the stock tumbled 8% to $695 after the company widely missed analysts target.
The search engine giant said that it earned $9.03 a share in the latest quarter, missing analysts target by a whopping $1.62. Revenue also came in well below analysts target. The company generated $11.33 billion, missing analysts’ estimate by $530 million.
Google-owned sites generated revenues of $7.73 billion, or 67% of total Google revenues, in the third quarter of 2012. This represents a 15% increase over third quarter 2011 Google sites revenues of $6.74 billion.
Google’s partner sites generated revenues of $3.13 billion, or 27% of total Google revenues, in the third quarter of 2012. This represents a 21% increase from third quarter 2011 Google network revenues of $2.60 billion.