Alphabet Stock Down 7% As Q3 Results Miss Street View

Shares of Alphabet Inc. (GOOG,GOOGL), the parent company of Google, are currently down over 7% after the tech company's third-quarter profit and revenues missed Wall Street estimates, hurt by lower YouTube ad revenues.

GOOG is currently trading at $96.58, down $7.90 or 7.56%, on the Nasdaq. The stock opened its trading at $96.43 after closing Tuesday's trading at $104.48. The stock has traded between $94.38 and $151.55 in the past 52-week period.

Alphabet's third-quarter profit was $13.91 billion or $1.06 per share, down from last year's profit of $18.94 billion or $1.40 per share. Analysts polled by Thomson Reuters estimated earnings of $1.25 per share for the quarter.

Revenues for the quarter gained 6 percent to $69.09 billion from $65.12 billion last year. Analysts had a consensus revenue estimate of $70.60 billion for the quarter.

Google advertising revenues rose to $54.48 billion from $53.13 billion last year, as Google Search revenues increased, while revenues from YouTube ads decreased. Google cloud revenues rose to $6.87 billion from $4.99 billion last year.

For comments and feedback contact: editorial@rttnews.com

Business News

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