Alphabet shares fell about 10% in after-hours trading on October 28 after the Google parent reported third-quarter results that mixed strong sales with a wide profit miss. Revenue rose 25% year over year to $127.6 billion, slightly above expectations, and Google Cloud revenue more than doubled, up 103% to $30.7 billion. Search and other advertising grew 12% to $63.3 billion.
Profit told a different story. Earnings per share came in at $2.12 against roughly $3.00 expected, hit by a loss of more than $8 billion on equity investments, which reversed gains from a year earlier. Capital expenditure reached $51.4 billion in the quarter, free cash flow was negative for the second quarter in a row at about $9.1 billion, and Alphabet said spending will rise significantly in 2027. The full-year 2026 forecast stays at $195 to $205 billion.
The reaction spread beyond equities. Nasdaq 100 futures fell about 1.1% early Thursday, and Samsung also dropped on its results. Crypto, which often trades in line with tech stocks, slipped as well: Bitcoin fell 0.9% to about $80,133 and Ether lost 1.5% to about $2,317. Altcoins were weaker, with XRP down 2.2% and Cardano down 3.6%.
The tech selloff was not the only weight. The Fed held rates with two members voting for a hike, and the 10-year Treasury yield briefly rose back above 5%. Together these made risk assets less attractive on Thursday.
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Sources:
- Investing.com: Earnings call transcript, Alphabet Q3 2026 profit miss sparks 10% after-hours drop
- The National: Alphabet stock drops after profit and sales fall
- Investing.com: Bitcoin weakens to $80k as hawkish Fed, mixed tech earnings weigh
- Investing.com: U.S. stock futures drop as Alphabet slides on soft earnings, Microsoft firms
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