Alphabet Shares Fall After Cloud Unit Misses Estimates
Alphabet Inc. faced a significant blow as its shares plummeted by the most in a year on Wednesday following the release of its quarterly earnings report, which revealed weaker-than-expected profit in its cloud computing unit. This has raised concerns about Alphabet’s competitive standing in the cloud computing market, which is considered pivotal to its future success.
As Google’s flagship search business matures, investors have been looking to the cloud unit to spearhead growth. However, the cloud unit reported operating income of $266 million, falling significantly short of the estimated $434 million, igniting worries about Alphabet’s ability to catch up with cloud computing giants such as Amazon.com Inc. and Microsoft Corp.
Read more: https://www.yourtechstory.com/2023/10/26/alphabet-shares-fall-after-cloud-unit-misses-estimates/
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