Alphabet, the holding company to which Google belongs, announced that it had reported lower-than-expected earnings and revenue for the third quarter of the year, at the same time announcing its decision to slow hiring growth.
Alphabet's EPS came in at $1.06, less than the $1.25 expected, according to Refinitiv estimates. Revenues came in at $69.09 billion, lower than the $70.58 billion expected; YouTube's advertising revenues came in at $7.07 billion, lower than the $7.42 billion expected, according to estimates compiled by StreetAccount; Google Cloud division revenues came in at $6.9 billion, better than the $6.69 billion expected. Traffic acquisition costs were $11.83, compared to $12.38 expected.
Alphabet's revenue growth weakened from the +41% pace of the same period a year earlier to a pace of just +6%; excluding the Covid pandemic period, Big Tech's revenue grew at its lowest pace since 2013.
In after-hours trading on Wall Street, Alphabet's stock fell below the $97 mark, down about 7%.
On 30 September, the stock had closed at its lowest closing value of the year, at $95.65. Since the beginning of the year, Alphabet's shares are down 28%.
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