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Alphabet earnings miss, driving down shares 2%

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Alphabet stock falls after earnings miss estimates

Alphabet Inc., the parent company of Google, reported a third-quarter earnings miss that sent its stock down 2% in after-hours trading on Monday.

Google properties led the way in revenue with $28.65 billion, up 19% from $24.05 billion in the year-ago quarter. Google ad revenue improved 17% to $33.9 billion. The company also announced a repurchase of up to an additional $25 billion of its Class C stock.Google’s “other revenue,” which includes hardware like its Pixel phones and cloud products, jumped 39% to $6.43 billion.

“I am extremely pleased with the progress we made across the board in the third quarter, from our recent advancements in search and quantum computing to our strong revenue growth driven by mobile search, YouTube and Cloud,” Google Chief Executive Sundar Pichai said in a statement announcing the results.

 

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