THE NEWS WRAP: Embarrassment precedes disappointment as Google quarterly profit slumps

Google’s shares were temporarily hauled off the trading market following an embarrassing mistake in which the search engine giant’s third quarter results were released early.

The results weren’t good for Google – its quarterly profit slumped 20% year-on-year to $2.18 billion, well below analysts’ predictions.

Finance firm RR Donnelley was blamed by Google for the early filing of the results, which saw the business’ stock plummet by 9% before it was suspended for two-and-a-half hours.

China growth slows again

China’s economic growth has missed its government’s quarterly target for the first time since the global financial crisis, according to new figures.

The economic powerhouse posted slowed growth for the seventh straight quarter, with growth standing at 7.4% in the year to September, below the government’s target of 7.5% this year, well down on the 9.2% it achieved in 2011.

Woolies boss points to consumer upturn

Consumer confidence is set to rebound and Australian businesses should be confident there is “light at the end of the tunnel” amid general economic gloom, according to Woolworths’ CEO.

Grant O’Brien said that consumer spending levels are unlikely to hit the pre-GFC heights, but there should be a steady improvement in sentiment, Fairfax has reported.

He said: ”The longer things go on and remain relatively stable, the likelihood of customer confidence returning increases, and that’s been my view for some time. I think generally there is a bit of a light at the end of that tunnel.”

Overnight

The Dow Jones Industrial Average was down 20.73 points, or 0.15%, to 13,536.27. The Australian dollar rose to US103.87 cents.