Net profit slid 25% from a year earlier to $26.2bn, well short of expectations, though revenue rose to $127.6bn
Shares in Google parent Alphabet fell more than 10% in after-hours trading Wednesday, erasing tens of billions of dollars in stock market value from the $4tn tech giant. The company had reported lower-than-expected profit and a slowdown in its advertising business while it maintained big spending on AI.
Net profit slid 25% from a year earlier to $26.2bn in the July-to-September period, or $2.12 a share, well short of expectations by analysts surveyed by FactSet.
Net profit slid 25% from a year earlier to $26.2bn, well short of expectations, though revenue rose to $127.6bnShares in Google parent Alphabet fell more than 10% in after-hours trading Wednesday, erasing tens of billions of dollars in stock market value from the $4tn tech giant. The company had reported lower-than-expected profit and a slowdown in its advertising business while it maintained big spending on AI.Net profit slid 25% from a year earlier to $26.2bn in the July-to-September period, or $2.12 a share, well short of expectations by analysts surveyed by FactSet. Continue reading…
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