Alphabet Shares Fall 9.84% After Q3 Net Income Drops 25%

Alphabet's third-quarter net income fell 25% year over year, and its shares dropped 9.84% in after-hours trading Wednesday, even as Google Cloud revenue more than doubled. Alphabet, Google's parent company, reported $127.6 billion in revenue, up 25% from a year earlier and its 13th consecutive quarter of double-digit growth. Google Cloud revenue reached $30.7 billion, while Google Services revenue rose 11% to $96.3 billion. Net income attributable to common shareholders was $26.2 billion, and earnings per share were $2.12.

Source: TokenPost