Alphabet shares sink on profit miss and advertising slowdown
FROM THE WIRE · FINANCE.YAHOO.COM
Revenue from Google's search business, still the company's largest source of income, rose 12 percent to $63.4 billion, slowing from 17 percent growth in the previous quarter (Paul Faith) Shares in Google parent Alphabet fell more than seven percent in after-hours trading…
Read at the source ↗MARKET IMPACTHIGH✦ News Impact agent estimateTone: expected bearishA drop of over 7% after hours for a mega-cap is relevant for the Nasdaq and the tech sector.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
- 01Alphabet fell more than 7% in after-hours trading Wednesday.
- 02Net profit fell 25% to $26.2 billion, or $2.12 per share, below FactSet estimates.
- 03Revenue rose 25% to $127.6 billion; advertising grew 11% to $82.0 billion, short of expectations.
NEWS IMPACT AND MARKET REACTIONChange since the story · reference
Alphabet Inc.321.89 USDMarket closedtoday +1.60%Negative Alphabet Inc.324.89 USDMarket closedtoday +1.34%Negative
Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets