Alphabet Shares Plunge 7.3% in Frankfurt Amid Missed Revenue Targets
Frankfurt, Germany - Alphabet shares witnessed a significant decline of 7.3% in Frankfurt on Wednesday, following the release of the company's quarterly earnings report. The report revealed a deceleration in cloud revenue growth, falling short of analyst projections.
The announcement triggered an immediate sell-off in extended trading on Tuesday, leading to an 8% drop in Alphabet's share value. This decline reversed the 2.56% gain recorded during regular trading hours.
The report's findings have raised concerns among investors about the sustainability of Alphabet's growth trajectory in the cloud computing market. The company's cloud revenue has been a key driver of its overall revenue growth in recent years.
Analysts are now reassessing their expectations for Alphabet's future financial performance, given the slowdown in cloud revenue growth. The company's management team is expected to provide further insights into its strategy and outlook during its upcoming earnings call.