Internet Giant: Slower Growth in Google's Core Business Alarms Stock Exchange
Google's business continues to grow - but no longer as quickly as recently. Investors are sending the stock on a downward trend.
Alphabet, the parent company of Google, reported a 25% increase in quarterly revenue to $127.6 billion, slightly missing analyst expectations. The company's profit fell by around a quarter to $26.2 billion, causing the stock to drop by around 9%. Google's advertising revenue grew by 12% to $63.35 billion, but was lower than expected, while cloud services revenue more than doubled to $30.7 billion.
The company is investing heavily in artificial intelligence, with capital investments rising to $51 billion in the quarter, and has set a yearly infrastructure spending target of $195-205 billion.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
