Alphabet’s stock sinks toward worst day in a year after ‘evasive’ earnings call

Alphabet Inc. shares GOOG, -8.52% GOOGL, -8.46% are on track to log their worst one-day performance in a year Wednesday in the wake of the company’s latest earnings report, which brought a disappointing performance for the Google Cloud business. Alphabet’s Class A shares were off 8.5% and on pace for their largest single-day drop since they shed 9.1% on Oct. 26, 2022.

Alphabet’s Tuesday afternoon report drew a downgrade from at least one analyst. “In our view, the tone of the call was riddled with evasive commentary with no clear path forward during a period that increasingly demands major AI investments, combined with the risk of stronger competitors and a darkening macro environment,” wrote Brian White of Monness, Crespi, Hardt & Co. as he cut his rating on the stock to neutral from buy.

Colombia Últimas Noticias, Colombia Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Salesforce, Unity see their stocks fall after Piper Sandler abandons bullish stanceEmily Bary is a MarketWatch news editor based in New York.
Fuente: MarketWatch - 🏆 3. / 97 Leer más »

Spotify beats subscriber expectations, but stock drops after earningsEmily Bary is a MarketWatch news editor based in New York.
Fuente: MarketWatch - 🏆 3. / 97 Leer más »