Shares of (NASDAQ: GOOG) (NASDAQ: GOOGL) collapsed around 10% this week. The company reported strong earnings for the third quarter, but apparently, investors were not pleased. Compared to competitor Microsoft, Alphabet posted weak growth in its smaller cloud computing division, which has some investors skittish. 

It was hard to find any other concerns for the Google parent with this quarterly report, though. Its advertising units are starting to hum again and have a long runway to grow. Its profit margin is inching higher. Is now a good time to scoop up some Alphabet shares? Let's take a closer look. 

The headline from Alphabet's third quarter was accelerating growth in its advertising divisions. The most important of these is Google Search, which still generates the vast majority of the technology giant's sales.

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Source Fool.com