Economy · World
Alphabet Shares Plunge After Profit Miss and AI Search Impact
Alphabet, the parent company of Google, experienced a significant drop in market value, losing an estimated $500 billion. This decline followed a disappointing financial report where net profit slid 25% year-on-year to $26.2 billion, falling short of Wall Street expectations, despite revenue rising to $127.6 billion. The company's stock hit a six-month low after it revealed that its own AI-powered search summaries were negatively impacting advertising revenue. Shares fell double digits in trading.
How outlets across the spectrum covered it
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- Left (1): The Guardian
- Centre (1): BBC News