Google owner Alphabet loses $500bn in market value after profit disappoints Wall Street
Net profit slid 25% from a year earlier to $26.2bn, well short of expectations, though revenue rose to $127.6bn Shares in the Google parent Alphabet fell double digits Wednesday evening into Thursday trading, erasing hundreds of billions of dollars in stock market value from the $4tn tech giant.
Google spooked investors so badly that its stock hit a six-month low, after it revealed its AI search summaries were affecting ad revenue.
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