Posted 10/25/2023, 8:52:02 AM
Alphabet Shares Fall as Google Cloud Profit Misses Estimates
- Alphabet's cloud computing unit reported lower than expected profit, raising concerns about its position in the market
- Shares of Alphabet fell 6.5% in premarket trading on the news
- The cloud unit reported $266 million in operating income, missing estimates of $434 million
- Google Cloud trails Amazon and Microsoft in the cloud computing market
- Search advertising revenue was $44 billion, beating estimates of $43.2 billion