It's around that time again when companies report their third quarter earnings. Google is one of the earlier ones out of the gate and actually announced their earnings a few hours earlier than expected this morning. And, unfortunately, they were below expectations and the stock price has been decreasing.
Results fell short of the estimated earnings of $10.65 per share. Instead, Google only managed to pull in $9.03, which is a pretty big decrease (greater than 10 percent). Revenues were also lower than expected, though not by as much. They raked in $14.10 billion, down from estimates of $14.70 billion.
Stock prices have declined by 9 percent on the news of these lower-than-expected earnings.