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Alphabet's stock sinks toward worst day in a year after 'evasive' earnings call

Dow Jones2023-10-25

MW Alphabet's stock sinks toward worst day in a year after 'evasive' earnings call

Alphabet Inc. shares $(GOOG)$ $(GOOGL)$ are on track to log their worst one-day performance in a year Wednesday in the wake of the company's latest earnings report, which brought a disappointing performance for the Google Cloud business. Alphabet's Class A shares were off 8.5% and on pace for their largest single-day drop since they shed 9.1% on Oct. 26, 2022. Alphabet's Tuesday afternoon report drew a downgrade from at least one analyst. "In our view, the tone of the call was riddled with evasive commentary with no clear path forward during a period that increasingly demands major AI investments, combined with the risk of stronger competitors and a darkening macro environment," wrote Brian White of Monness, Crespi, Hardt & Co. as he cut his rating on the stock to neutral from buy. Alphabet's stock is still up 44% so far this year as the S&P 500 has advanced 10%.

-Emily Bary

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

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October 25, 2023 10:07 ET (14:07 GMT)

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