Alphabet Q3 Earnings Miss Sends Google Stock Down 10% as AI Costs Bite
Alphabet’s third-quarter results were good by almost any normal standard, and Wall Street hated them anyway. Google’s parent company reported revenue of $127.6 billion for the three months ended September 30, up 25% from a year earlier. Earnings per share came in at $2.12. Both numbers missed Wall Street’s expectations, and Alphabet shares fell about 10% in after-hours trading on Wednesday, October 28, then stayed down roughly 10% in premarket trading on Thursday morning. Reuters reported that the premarket drop put more than $400 billion in market value at risk. ...