Alphabet Shares Continue Downward Spiral

Shares of Alphabet Inc. (GOOG) are down 3 percent on Wednesday's trading continuing their downward trend since Tuesday. The stock has been negatively impacted by the parent company of Google reporting its first-quarter results, with both profit and revenues missing Wall Street estimates, as revenue growth slows down.

Alphabet reported first-quarter profit of $16.44 billion or $24.62 per share, a drop from last year's profit of $17.93 billion or $26.29 per share. On average, 29 analysts polled by Thomson Reuters estimated earnings of $25.94 per share for the quarter.

Revenues for the quarter gained 23 percent to $68.01 billion from $55.31 billion last year. Analysts had a consensus revenue estimate of $68.07 billion for the quarter.

Currently at $2,305.27, the stock has traded between $2,230.05 and $3,042.00 during the past 52 weeks.

For comments and feedback contact: editorial@rttnews.com

Business News

Get Access to Premium Stock Alerts with RTT Intelligent Investor.
Follow RTT