Alphabet falls more than 10% after results: earnings miss despite Google Cloud surge
Alphabet shares fell more than 10% in pre-market trading in the United States after the company reported third-quarter earnings below expectations. Earnings per share came in at $2.12 versus the $3.02 expected, although revenue rose 25% to $127.6 billion. Google Cloud revenue grew 103% to $30.7 billion and its operating income more than tripled to $11.1 billion. Advertising posted its slowest growth in five quarters and the company reported higher capital spending and negative free cash flow.
In 40 seconds
- Earnings per share of $2.12 versus the $3.02 expected by Wall Street; revenue of $127.6 billion, up 25%.
- Google Cloud grew 103% to $30.7 billion and its operating income reached $11.1 billion.
- Google advertising had its slowest growth rate in five quarters and searches through AI Mode monetize at a lower rate than traditional ones.
Read the full story at Revista ADVFN
IASummary generated by artificial intelligence from a story by Revista ADVFN. It may contain errors: the original source prevails.
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