Google-Parent Alphabet Plunges 7% In Wednesday Pre-Market: What's Going On?
The shares of Alphabet Inc. (NASDAQ: GOOG) took a 6.9% hit in pre-market hours trading following the company's Q4 2024 earnings announcement on Feb. 5. Despite reporting revenue growth, Alphabet's cloud revenue fell short of market expectations,
Google owner Alphabet's share price drops overnight - have investors had enough of spending on AI?
From a purely business financials perspective, a large part of the reason for the sell-off stemmed from slowing growth in data centres revenue. Google’s cloud business is a huge money driver and posted a 30 per cent increase in revenues, totalling nearly $12bn (£9.6bn).
Cloud revenue in the quarter of $12 billion—a 30% increase from last year—just misses analysts’ estimates of $12.2 billion.
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