Google Stock Plunges As Quarterly Earnings Miss

Shares of Alphabet Inc. tumbled 6.5% in after-hours trade Thursday after the company reported much weaker-than-expected quarterly earnings. The company reported net income of $5.3 billion versus $4.5 billion last year, an increase of 26%. However, adjusted earnings per share were $7.50, below the FactSet consensus estimate of $7.96. Revenue rose 17% to $20.3 billion, compared with $17.3 billion last year, topping the Wall Street estimate of $16.6 billion.