The stock of Google's parent company Alphabet plummeted in after-hours trading on the New York Stock Exchange after the American IT giant reported revenue for the previous quarter that failed to meet expectations.
Sales amounted to 96.5 billion dollars, equivalent to 1,057.6 kronor, but analysts had expected slightly more – 96.6 billion dollars. Nor did the revenue from the company's cloud services meet the forecasters' expectations, despite cloud revenue being 30 percent higher in the last quarter of 2024 than in the corresponding period the year before.
On the other hand, the company's profit exceeded expectations. It landed at 2.15 dollars per share, compared to the forecast of 2.13 dollars.
Alphabet's stock fell over 9 percent on Wall Street late on Tuesday evening Swedish time.
