Alphabet loses a record US$500 billion in value after weak results

Market value wiped out

511 US$ billion

Shares in Google's parent fell about 13 per cent to US$281.37, wiping US$511 billion from its market value.

Third-quarter earnings were US$2.12 a share, well short of the US$2.99 to US$3.01 analysts expected. Search ad revenue grew 12 per cent to US$63.3 billion, slower than hoped.

A company executive said the growing use of AI Mode in Google Search weighed on results, because AI queries have "lower monetization."

— Philipp Schindler, Google chief business officer

Google Cloud was the bright spot: revenue more than doubled to US$30.7 billion, ahead of forecasts. Future spending commitments now total well over US$1 trillion.