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Alphabet shares fall over 7% after third-quarter earnings miss
Alphabet’s third-quarter revenue rose 25% to $127.6 billion, while Google Cloud revenue doubled. Earnings per share and advertising revenue missed market expectations, and shares fell more than 7% after hours. Heavy infrastructure spending pushed quarterly free cash flow into negative territory, as investors worried about whether substantial AI investment was translating into profits.
What to know
- 01
Earnings per share were $2.12, below expectations of about $3.02; equity investment losses totaled $8.7 billion.
- 02
Quarterly capital expenditures reached $51.4 billion, up from $24 billion a year earlier; free cash flow was negative $9.1 billion.
Why it matters
The report provides a basis for assessing Alphabet’s profitability and cash flow as it increases investment in AI and cloud services.
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