Investors turn on Google owner Alphabet after profit miss, ad slowdown and high spending
Net profit for the July-to-September period fell 25% year-over-year to $26.2 billion, missing analyst expectations. Despite a revenue increase to $127.6 billion, investors reacted poorly to the ad slowdown and continued high spending on AI.
Key points
- Net profit fell 25% to $26.2bn
- Shares dropped over 10% in after-hours trading
- Revenue rose to $127.6bn
- High AI spending and ad slowdown cited
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