Alphabet's Q3 Earnings: Cloud Revenue Misses Estimates, Stock Plummets

Alphabet Inc. (NASDAQ:GOOG) reported strong growth in Search and YouTube, as well as momentum in Google Cloud, for the third quarter of 2023. Sundar Pichai, CEO of Alphabet, highlighted the company's focus on making AI more helpful for users and the progress made in improving knowledge and learning through Generative AI capabilities in Search. Philipp Schindler, Chief Business Officer, discussed the opportunities for long-term growth in advertising, including the use of Google AI in retail and YouTube ads. Ruth Porat, CFO of Alphabet, reported consolidated revenues of $76.7 billion, up 11% year-over-year, driven by Search and YouTube. Google Cloud revenues were $8.4 billion, up 22% year-over-year.