Google, which earlier this month surpassed Microsoft in terms of value, saw its third-quarter profits slide because of spiralling costs and a decline in advertising prices.

It delivered revenues of $11.3bn in the third quarter, but these fell short of analyst estimates of $11.8bn, whilst profits tumbled to $2.18bn, down a fifth on the $2.73bn it made in the third quarter last year.

The results has been scheduled for publication after markets closed in New York, but they were accidentally released early, still with a gap for a quote from Google’s chief executive, Larry Page.