Google misses Wall Street expectations, Alphabet stock sinks in early after-hours trading
Google parent company Alphabet Inc. came up short of Wall Street expectations despite strong revenue growth in its third-quarter results, which sent its stock falling in after-hours trading Wednesday.
TL;DR
- Alphabet's third-quarter net income was $26.17 billion, down from $34.98 billion year-over-year.
- Revenue grew 25% to $127.58 billion, but missed analysts' expectations of $127.97 billion.
- Earnings per share were $2.12, impacted by an $8.7 billion loss on equity investments.
- Google Cloud segment revenue increased 103% to $30.7 billion.
- Google Search and other advertising revenue increased 12% to $63.3 billion, while YouTube advertising revenue grew 9% to $11.2 billion.
- Gemini app, the AI assistant, has reached 1 billion users.
- Alphabet's stock fell over 10% in after-hours trading.