Alphabet Shares Fall 11% as Cloud Growth Fails to Offset Weaker Results
Alphabet shares fell sharply as rapid growth in Google Cloud’s AI segment failed to offset disappointing results elsewhere in the business. The company is pursuing a data-center buildout.
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03:18:16 PM UTC
SquawkNews
What happened? Shares of online advertising giant Alphabet NASDAQ:GOOGLfell 12.1% in the morning session after the company reported third quarter earnings results, pressured by slowing search advertising growth and surging artificial intelligence capital expenditures.Revenue rose 25% to $127.58 bil…
By Adam Levine and Nate WolfShares of Alphabet fell sharply as rapid growth in the Google parent's new artificial-intelligence cloud segment failed to overcome disappointing results elsewhere in the business.Google is trying to execute an ambitious data-center buildout that establishes Google Cloud…