Alphabet shares plunge 13%, wiping out $511 billion as AI fears hit Google’s ad business
- Alphabet, Google's parent company, lost $511 billion in market value after its shares plunged over 13%, its biggest-ever drop.
- • The company reported $111.2 billion in third-quarter sales, excluding partner payouts, missing analysts' estimates. Search and ad sales also fell short.
- Google's AI-powered search features are drawing users but generating less advertising revenue, raising concerns about AI eating into its core business.
Source: ndtvprofit.com
Get 100 stories a day on the app
Read, watch & listen · Free on iOS & Android
