Google stock on track for its biggest loss in history

Google (NASDAQ: GOOGL ) stock is on track for its worst single-day decline in history, with shares plunging roughly 12% following its third-quarter earnings report. Not only that, but the sell-off is threatening to erase nearly $500 billion from the company’s market capitalization – potentially one of the largest losses ever recorded by a U.S. company. As the price has dropped from $321 to $285, GOOGL shares are now trading at the lowest price-to-earnings (P/E) multiple in history, at 14.273. Why is Google stock slipping? The market’s concerns about the results are understandable. Namely, search revenue grew 12% to approximately $63 billion, missing Wall Street’s $65 billion estimate, while rising artificial intelligence ( AI ) infrastructure spending pushed free cash flow to a deficit of roughly $9 billion.

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