Alphabet, the parent company of Google, saw roughly $500bn wiped off its market value after its latest earnings disappointed investors, according to the Guardian. Shares in the $4tn technology giant fell by double digits as Wednesday trading moved into Thursday. The company reported net profit of $26.2bn, a 25% decline from the same period a year earlier and below what Wall Street had expected. Revenue, however, increased to $127.6bn. The results showed a slowdown in Alphabet's advertising business even as the firm continued to spend heavily on artificial intelligence.
Source: The Guardian.
