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Google Parents letters (Google) third-quarter earnings topped consensus estimates, while revenue rose by views. GOOGL stock fell on Wednesday as
Despite the signs of progress in many areas, revenue from Google's Cloud division that helps powers websites — an area of robust growth — fell below analysts' projections at at time when artificial-intelligence technology was expected to provide a bigger lift.
The companys shares fell as much as 8.9% to $126.40 in New York, the biggest decline since October 2022. The shares had gained 57% so far this year through Tuesdays close. The company posted $44 billion in search advertising, beating the average analyst projection for $43.2 billion.The company was pleased with its advertising revenue growth after a period of “historic volatility,” Porat said on an investor call after the results.
SAN FRANCISCO: Google parent Alphabet and computing colossus Microsoft on Tuesday reported that quarterly profits climbed on demand for cloud computing enhanced with artificial intelligence.
The unit reported operating income of $266 million, missing estimates of $434 million