Is Alphabet (GOOGL) Stock a Buy After Its 12% Earnings Drop?
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TLDR Alphabet (GOOGL) stock fell about 12% to $285.31 after its Q3 EPS of $2.12 missed the $2.97 estimate. An $8.7 billion equity securities loss cut $0.55 from EPS, and operating income still rose 30% to $40.58 billion. Google Cloud revenue grew 103%, ahead of Azure at 48% and AWS at 37%. Search ad spending growth slowed to 12% from 17%, and free cash flow was negative $9.065 billion. Goldman Sachs cut its target to $385 from $435 but kept its Buy rating, and Barron’s also stayed with Buy. Alphabet (GOOGL) stock dropped about 12% after earnings ended a run of 12 straight quarterly beats. It traded at $285.31 Thursday morning, down 12.18% on the day.
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