Market winds hit Google
The Kansas City Star
Google has been America’s darling company particularly in the Kansas City area, where Google Fiber is to be installed.
But the tight controls and high-flying public relations jet fuel that kept the Internet company soaring sputtered a bit on Thursday with the premature release of the company’s third-quarter earnings report. In the 21st century, information is money, and both got away from Google.
The consequences of a contractor sending out the earnings report more than three hours too soon caused Google’s stock to fall 8 percent, trading to be suspended and company investors to lose about $20 billion. The Associated Press reported that Google’s ad revenue fell well below analysts projections even though it was up 16 percent.
Losing control of its information for the search-engine, information giant is out of character for Google. Certainly people in Kansas City and Kansas City, Kan., have seen the tight reins Google has kept on the roll-out of its “fiberhoods.”
The company isn’t saying how many people have been hired, when workers will start climbing poles and stringing wires to homes and businesses, and how its cable, satellite and telephone competitors are reacting to Google bogarting into their market.
But everyone is entitled to a bad information day every now and again.