Alphabet's stock declines after earnings report shows lower profits and slower ad growth
Google Cloud revenue increased by one hundred three percent to 30.7 billion dollars. Alphabet's total revenue rose 25% to $127.6 billion. The company reported weaker-than-expected profits and a drop in free cash flow. Its stock declined 7% in after-hours trading, with search advertising revenue up 12% year-over-year.
- Google Cloud revenue increased by one hundred three percent to 30.7 billion dollars.
- Alphabet's revenue increased by twenty-five percent in the third quarter.
- Alphabet missed targets for revenue and net income.
- Alphabet's stock fell by about nine percent in after-hours trading.
- Advertising revenue for Google Search grew by about twelve percent year-over-year to $63.35 billion.
- Alphabet's free cash flow fell to US$9.07 billion in the third quarter.
- Alphabet profit fell by about a quarter to nearly 26.2 billion dollars.
- Alphabet recorded an $8.7 billion loss on stock investments.
- Google manager Philipp Schindler stated search queries are growing fastest in five years.
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