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Alphabet slumps nearly 11% after earnings revive doubts over its AI bet

TechnologyInternationalAmbito35 s readAI summary
Image: Ambito

Alphabet, Google's parent company, fell nearly 11% on the stock market after reporting advertising revenue and earnings below expectations. Earnings per share were $2.12 versus the $2.99 expected, hit by $8.7 billion in losses on its stakes in other companies, largely due to its position in SpaceX. Google Cloud grew with revenue of $30.7 billion and profit of $11.1 billion, above forecasts, but that did not offset concerns about AI spending and its monetization.

In 35 seconds

  • Alphabet fell nearly 11% after reporting advertising revenue and earnings below expectations.
  • Earnings per share were $2.12, versus the $2.99 Wall Street expected.
  • Investments posted a negative balance of $8.7 billion, largely due to its position in SpaceX.
Read the full story at Ambito

IASummary generated by artificial intelligence from a story by Ambito. It may contain errors: the original source prevails.

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