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Alphabet earnings dented by spending on cloud business

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Alphabet Inc.’s quarterly earnings were dented by heavy investment in Google’s cloud-computing business, which is key to future growth but still runs a distant third in the market behind Amazon.com Inc. and Microsoft Corp.

Net income was $7.1 billion, or $10.12 a share, down from $9.2 billion, or $13.06 a share, in the same period a year earlier, the companyAlphabet shares fell about 1% in extended trading, after closing at $1,288.98.

“We continue to invest thoughtfully in talent and infrastructure to support our growth, particularly in newer areas like cloud and machine learning,” Ruth Porat, chief financial officer of Alphabet and Google, said in a statement.

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These investments will pay off later into the cycle where many others may fail.

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