In a move that reminds all of us that we are apt to err, Google has made a simple error and as a result, cost itself $20 billion.
An unfinished financial release that was sent to the US stock market authorities, indicating that the company’s altest quarterly results were far below Wall Street’s expectations.
The release even came complete with a ‘PENDING LARRY QUOTE’; indicating that Google’s chief executive, Larry Page, had not yet smoothed over the less than desirable figures. As a result, Google’s stock plummeted 9%, recovering slightly to just under 8% after trading resumed.
Google has blamed financial printers RR Donnelly for filing the draft third quarter results ‘without authorization’.