Google parent Alphabet's shares tumble after disappointing earnings, weighing on tech stocks

Summary

Alphabet, Google's parent company, reported strong revenue growth in its third quarter but fell short of Wall Street expectations, its stock sinking in early after-hours trading, The Independent reported on Wednesday 28 October, and the Financial Times reported that Google shares dropped 7% as the search business fell short and spending on AI investments surged to more than $50bn in the quarter. Net profit slid 25% from a year earlier to $26.2bn, well short of expectations, though revenue rose to $127.6bn, and the shares fell more than 10% in after-hours trading, The Guardian reported, writing that investors turned on Alphabet after a profit miss, an advertising slowdown and high spending. On Thursday 29 October Asian shares and US futures were mixed, weighed down by some big technology stocks after Alphabet's earnings were below expectations, The Independent and Euronews reported, the Financial Times writing that US tech stocks were set to fall after earnings fuelled AI spending concerns, with the Nasdaq 100 set to open 1.3% down. Shares in Alphabet were on course for one of their sharpest one-day falls on record, Sky News reported, headlining that Google's parent took a $500bn hit on AI worries.

Latest: Shares in Alphabet were on course for one of their sharpest one-day falls on record, Sky News reported, headlining a $500bn hit on AI worries, after The Guardian reported that net profit slid 25% to $26.2bn and The Independent and Euronews that Asian shares and US futures were mixed, weighed down by some big technology stocks.

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