Google Inc (NASDAQ:GOOG)‘s shares are down close to 9% after the tech giant released it’s third quarter earnings midday, wherein it was expected to release them after the closing bell. Trading has since been halted, but that hasn't stopped speculation on what exactly happened. While we'll leave the conjecture up to the reader, the miss was notable, as analysts were expecting it to reach EPS of $10.65 a share; Google Inc (NASDAQ:GOOG) reached just $9.03 a share. The miss of more than 15% comes after Google Inc (NASDAQ:GOOG) beat earnings estimates in Q1 and Q2 by an average margin of 2.3%.
In the hedge fund industry, Google Inc (NASDAQ:GOOG) is a widely loved stock; it had returned over 17% year to date before the surprising miss. As noted in "5 Stocks Billionaires are Crazy About", Google is the second most popular stock among hedge funds second to Apple. Let's take a quick look at the top five funds (by value) with a position in the tech giant.
Shares of Google Inc (NASDAQ:GOOG): 1,335,321
Value: $774.6 million
Activity Last Quarter: +2%
Percentage of Portfolio: 4.6%