Shares of Alphabet fell about -7% in extended trading on Tuesday and then plunged more than -6% Wednesday, after the tech behemoth missed revenue and earnings expectations on Tuesday.
Earnings came in at $1.06 per share, well below the $1.25 expected by analysts (according to Refinitiv estimates).
Revenue of $69.09 billion also missed analysts’ expectation sof $70.58 billion (according to Refinitiv poll).
Alphabet’s YouTube advertising revenue in the quarter fell -2% year-over-year to $7.07 billion, lower than the $7.42 billion (i.e. +3% y/y growth) expected by analysts, according to StreetAccount estimates.
Google Cloud revenue came in at $6.9 billion vs $6.69 billion expected (based on StreetAccount estimates).