Alphabet reported third-quarter results on Wednesday that fell short of analyst estimates, with revenue and income both coming in below expectations, according to Bloomberg. The Wall Street Journal reports that the miss was driven by slower growth in Google's search revenue. Shares dropped following the release, Yahoo Finance reported.
The results put the spotlight on the company's core advertising business at a moment when investors are watching the AI trade for signs of strength, CNBC noted ahead of the report. Barron's also reported that SpaceX weighed on Alphabet's third-quarter earnings, though the available material does not detail how.
The quarterly figures land as Alphabet balances its established search advertising operation against newer AI investments that markets are monitoring closely. The company has not commented beyond the published results in the material available.
Alphabet's stock reaction and any further detail on the search slowdown, along with the SpaceX impact cited by Barron's, are the items to watch as analysts dig into the full report.
