Why Alphabet Stock Crashed Wednesday Morning
Shares of (NASDAQ: GOOGL) (NASDAQ: GOOG) turned sharply lower on Wednesday, falling as much as 9.7%. As of 11:44 a.m. ET, the stock was still down 8.9%.
The catalyst that sent the tech giant lower was its third-quarter earnings report, as strong ad revenue was offset by weakness in its cloud computing business.
Alphabet generated revenue of $76.7 billion, up 11% year over year, as its online advertising business continued the gradual recovery from its downturn-induced slump. The bottom line also got a boost as diluted earnings per share (EPS) of $1.55 jumped 46%.
Source Fool.com
Alphabet Inc. A Aktie
149,70 €
0,66 %
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