Disappointing earnings come as the company faces antitrust challenges and employees condemn policies
Alphabet’s stock fell as much as 4% in after hours trading after it reported it missed analyst expectations and posted a 23% decline in profit as it faces rising expenses.
Google’s parent company posted earnings of $10.12 per share in its third quarter, lower than the $12.42 per share expected. Its quarterly profit fell 23% to $7.07, hurt by investments in research, development, and marketing.
Executives noted that the company’s advertising revenue – the bulk of its profit – hit $33.92bn in quarter three, compared with $28.95bn in the third quarter of last year. Alphabet’s total revenue of $40.5bn beat analyst expectations.
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