Alphabet's quarterly revenue reaches $127.6 billion; slower-than-expected search ad growth sends shares down about 9%
Alphabet released its quarterly earnings report, with revenue up about 25% year over year to $127.6 billion, slightly below analyst expectations, while net profit fell about a quarter to nearly $26.2 billion; shares fell about 9% after the report was released. Search advertising revenue rose about 12% year over year to $63.35 billion, below analysts' expectation of about $65 billion; Google manager Philipp Schindler said ad monetization efficiency in AI Mode remains lower than in traditional search. Cloud service revenue more than doubled year over year at a scale of $3.07 billion and beat market expectations, quarterly capital expenditure rose to about $51 billion, and the company maintained its full-year infrastructure spending forecast of $195 billion to $205 billion.
#Industry news#Google