updated 10:20 pm EDT, Tue May 10, 2011
Charge brings net income down to $1.8 billion
Google has submitted a revised 10-Q filing with the Securities and Exchange Commission, revealing a $500 million charge associated with a Department of Justice investigation. Although the search giant did not formally announce any issues with the DoJ, the filing suggests the money is being set aside to accommodate a "potential resolution" to an investigation over advertising.
"Although we cannot predict the ultimate outcome of this matter, we believe it will have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows," the filing notes.
The exact nature of the investigation remains unclear, as the filing merely notes that the DoJ was looking into "Google advertising by certain advertisers."
The revision effectively drops Google's net income from $2.3 billion to $1.8 billion for the quarter. [via GeekWire]