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Investors turn on Google owner Alphabet after profit miss, ad slowdown and high spending
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…
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Alphabet reported a 25% drop in net profit to $26.2 billion year‑over‑year, despite revenue increasing to $127.6 billion. The earnings fell short of analysts’ expectations, prompting the stock to slide more than 10% in after‑hours trading on Wednesday and wiping out tens of billions of dollars in market value. The company cited a slowdown in its advertising business as a key factor while continuing to spend heavily on artificial‑intelligence initiatives.
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