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Siri? Apologize To Iris And Iris? Fire Your Agent

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Today just isn’t a good day for tech. Google releases a poor earnings report in the middle of the trading day, and Apple loses a major lawsuit against Samsung in Europe, all on the eve of the 25th anniversary of “Black Monday“. If you’re Larry Page or Tim Cook, today could definitely be a ‘black Thursday’.

Google Misses The Mark

Lots of problems for Google today in the wake of a misfire from its financial filing. Servicer R.R. Donnelley released its third quarter earnings report nearly four hours early and apparently without Google’s authorization. To make matters worse, the earnings report was very unimpressive for the tech giant who tends to outperform analysts’ estimates. Google reported earnings-per-share of $9.03 down from $9.72 from this same period last year, net income of $3.01 billion down from $3.18 billion and a contraction in its cost-per-click of 15 percent from this quarter last year. According to a consensus estimate from Thomson Reuters, analysts were expecting EPS of $10.65 a share against $11.86 billion in revenue. If these numbers are accurate, Google missed EPS estimates by $1.62 a share and revenue by more than half a billion, very uncharacteristic for the firm. The market’s reaction to the report was resounding, as the stock took a big hit falling $68.20 a share (9.03%) in just thirty minutes of trading.

In response to the early release and subsequent selloff, Google approached NASDAQ about halting trades of its stock until the problem could be resolved. Currently Google has issued the following statement regarding the release of its earnings: 

  • “Earlier this morning RR Donnelley, the financial printer, informed us that they had filed our draft 8K earnings statement without authorization. We have ceased trading on NASDAQ while we work to finalize the document. Once it’s finalized we will release our earnings, resume trading on NASDAQ and hold our earnings call as normal at 1:30 PM PT,”

Thus far it appears that what’s missing from the earnings report is a statement from its CEO, Larry Page, which is leading most to believe that the poor performance metrics are accurate assesments of the company’s third quarter. If this turns out to be true, further downside beyond its current $19 billion loss in market capitalization is certainly en route. 

British Court Of Appeal Requires Apology From Apple

Samsung scores another victory overseas against its chief mobile computing rival Apple as Britain’s Court Of Appeal clears the South Korean Firm of its charges of copying registered designs for tablet computers. This is a big loss for Apple, who has been fighting against Samsung’s android based Galaxy tablet on the basis that its design is too similar to Apple’s immensely popular iPad. However, the Court of Appeal ruled that despite the similarities between the two, the Galaxy tablet doesn’t infringe on Apple’s designs adding that the popularity of the iPad over the Galaxy proved that Samsung’s designs were “not as cool”.

The U.K. court ruling is valid throughout Europe and effectively ends the series of legal disputes between the two over this issue. But the humbling of Apple doesn’t end there. The British court also instructed Apple to create and show advertisements (on its website and in select newspapers) confirming that Samsung did not copy its tablet designs. Apple can still appeal to the Supreme Court, but reports say that the company has no plans as of yet to do so. It appears that, for now, the issue is settled so game, set and match to Samsung. 

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About Alexander J Smith III