Google Cloud revenue misses expectations despite AI boom

  • October 24, 2023
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Alphabet, Google’s parent company, reports stronger than expected overall revenue but stock falls in after-hours trading

Google is doing well, but not well enough for investors. On Tuesday, parent company Alphabet reported stronger-than-expected overall revenue for the quarter but missed analyst expectations in its closely watched Google Cloud business.

Alphabet stock fell in after-hours trading despite strong third-quarter earnings announced on Tuesday following months of modest growth. It reported third-quarter revenue of $76.69bn, up 11% year over year and above analyst predictions of $75.9bn.

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