Google sees $20bn in market cap eroded by errant email

Shares suspended after investors spooked by accidental early publication of disappointing financials

The accidental early publication of its third-quarter results yesterday contributed to a hefty plunge in Google's market capitalisation.

Investors were also disquieted by the revelation that the company's core search engine revenue came in at $11.5bn (£7.15bn), below analysts' expectation of about $11.9bn. Revenue from its acquisition of Motorola Mobility took the firm's top-line total to $14.1bn, up from $9.7bn in the corresponding period last year. Q3 operating income declined 10.5 per cent year on year to about $10.7bn.

The results, scheduled to go out following the close of the east-coast markets yesterday, were accidentally published five hours early. And the document was clearly still in draft form, featuring as it did the words "pending Larry quote" where one would normally expect a comment from chief executive Larry Page.

The blunder, which Google blamed on a mistake by printing and public filings specialist RR Donnelley, contributed to Google's share price plummeting as much as nine per cent in pre-close trading. Consequently, the search giant temporarily suspended trading in its shares.

When the correct release was finally issued, Page's pending quote ran as follows: "We had a strong quarter. Revenue was up 45 per cent year on year and, at just 14 years old, we cleared our first $14bn revenue quarter. I am also really excited about the progress we are making creating a beautifully simple, intuitive Google experience across all devices."