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Alphabet’s stock sinks after shocking investors with top- and bottom-line misses
Updated with Thursday stock price: Shares of Alphabet Inc. fell more than 12% today after the Google parent Wednesday reported a stunning earnings miss and a substantial drop in free cash flow at the end of its third quarter. The drop vaporized more than $500 billion in market value for Alphabet’s stock. The search engine […] The post Alphabet’s stock sinks after shocking investors with top- and bottom-line misses appeared first on SiliconANGLE.
Shares of Alphabet Inc. fell more than 9% in after-hours trading after the Google parent reported a stunning earnings miss and a substantial drop in free cash flow at the end of its third quarter. The search engine and cloud computing giant reported third-quarter adjusted earnings of just $2.67 per share, some way behind Wall Street’s target of $3.02 per share in earnings. Revenue for the period also came up short. Though it rose 25% from a year earlier to $127.58 billion, analysts had been targeting even bigger sales of $128.22 billion, and were sorely disappointed to see that the company couldn’t top that number. The company’s first top-and-bottom line miss in almost four years…
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