Alphabet Stock Plunges 6% as Q4 Earnings Disappoint, Market Cap Drops by $110B

Benzinga

Alphabet's stock price fell 6% after posting fourth-quarter earnings, wiping around $110 billion off its market capitalization. Earnings and revenue beat estimates, but advertising revenue of $65.5 billion fell short of the $66 billion forecast. The company introduced its ChatGPT competitor, Gemini, in December and recently downsized its workforce to pivot its business model towards technology. Google Cloud's revenue surged 26% year-on-year to $9.2 billion in the last quarter, with Alphabet CEO Pichai citing strong performance in Search, YouTube, and Cloud, all amplified by AI investments, as the company transitions into the "Gemini era."

Transcript

00:00 It's Benzinga and here's what's on the block. Alphabet's stock price fell 6% after posting

00:04 fourth quarter earnings wiping around $110 billion off of its market capitalization.

00:08 Earnings and revenue beat estimates but advertising revenue of $65.5 billion fell

00:12 short of the $66 billion forecast. The company introduced its chatGBT competitor Gemini in

00:18 December and recently downsized its workforce to pivot its business model towards technology.

00:22 Google Cloud's revenue surged 26% year-on-year to $9.2 billion in the last quarter with Alphabet's

00:27 CEO Pichai citing strong performance in search, YouTube, and cloud all amplified by AI investments.

00:33 For all things money visit Benzinga.com

Category

Transcript

Comments

Recommended