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Why is Alphabet Inc (GOOG) Stock down?
25 Oct, 2023:
Shares of Alphabet (GOOG) dropped by 9.60% from $140.12 to $126.67 in the trading on Wednesday, October 25, 2023. The reason why GOOG stock down is due to the company's quarterly report
- While Alphabet reported strong overall numbers, with revenue of $76.7 billion (an 11% year-over-year increase) and diluted earnings per share (EPS) of $1.55 (a 46% jump), the focus of investors was on Google Cloud. Google Cloud's revenue was $8.4 billion, up 22% year over year but slower than expected, leading to investor concerns.
- During the earnings call, CFO Ruth Porat attributed the slower growth to "customer optimization efforts," hinting at cost-cutting measures, which raised questions about the adoption of Alphabet's artificial intelligence (AI) cloud offerings. This contrasted with Microsoft, which saw strong cloud growth driven by AI demand during the same period.
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