Alphabet’s Google Cloud revenue doubles to $31 billion as cash flow stays deep red

Alphabet’s Google Cloud more than doubled its revenue to $30.7 billion in the third quarter, helping to soften some of the more tepid growth from Google Search and YouTube. But for investors, it wasn’t enough. Despite the strong showing from its cloud business, investors sold off and Alphabet’s after-hours stock price dropped more than 11% following the release of its quarterly results. The drop wiped out more than $280 billion in market value. Aptus Capital Advisors head of equity and portfolio manager David Wagner wrote that Google Cloud did what it was supposed to this quarter.

Source: Fortune Crypto