Google Inc.’s stock plunged suddenly on Thursday afternoon after a contractor prematurely released the search company’s third-quarter earnings report.
The stock fell $68.19, or 9 percent, to $687.30 before trading was halted to give investors a chance to digest the results. The company’s quarterly performance fell well short of analyst estimates.
Google’s report had been slated for release after the close of regular trading Thursday.
Google blamed printer R.R. Donnelley & Sons Co. for filing the company’s quarterly statement with the Securities and Exchange Commission more than three hours ahead of schedule.
In the regulatory filing, Google said it earned $2.18 billion, or $6.53 per share, during the three months ending in September. That compared with net income of $2.73 billion, or $8.33 per share, last year. Revenue climbed 45 percent from last year to $14.1 billion.
Fifth Third profit falls on charges
Fifth Third Bancorp reported Thursday that its third-quarter net income fell because of one-time expenses related to debt repayment and accounting issues.
The Cincinnati bank’s net income available to common shareholders fell to $354 million, or 38 cents per share, from $373 million, or 40 cents per share, a year earlier.
The results include charges of $26 million for repaying debt, $16 million to reflect a lower value in its investment in the payment processor Vantiv Inc. – a publicly held company – and $24 million set aside to repurchase bad mortgages.
The bank’s revenue rose to $1.58 billion from $1.57 billion in the third quarter of 2011.
Supervalu sees loss; seeking sale options
Grocery store operator Supervalu lost money in its latest quarter, but the struggling company said it is in active discussions with several parties over a possible deal.
Supervalu has closed stores, suspended its dividend, and has been looking for other ways to cut costs.
In the three months ended Sept. 8, Supervalu lost $111 million, or 52 cents per share. That compares with a profit of $60 million, or 28 cents per share, a year earlier.
Supervalu said Thursday that it has received a number of indications of interest and is talking with several parties.
Net income dips for First Federal
Northeast Indiana Bancorp Inc. on Thursday reported third-quarter earnings of $593,735, or 48 cents per diluted common share, a 6 percent dip from the $630,769, or 51 cents a share, posted for the same three months of 2011.
The Huntington-based parent of First Federal Savings Bank set aside $400,000 during the quarter to cover future defaulted loans, a $25,000 increase compared to last year’s third quarter.
The company said management considers it prudent to set aside higher reserves during these uncertain economic conditions.
NEIB’s bad loans more than doubled during this year’s third quarter compared to the same period last year to $255,453.