Alphabet shares fell nearly 12% early Thursday, on track for their worst post-earnings drop on record. Google’s AI search is drawing more users but less ad money.
The slide erased roughly $465 billion in market value, more than three times Alphabet’s $127.6 billion quarterly revenue.
Google Search is Not Bringing Profits
Search revenue rose 12% to $63.35 billion in the third quarter, down from 17% in the second. Analysts expected about 15%.
Chief Executive Sundar Pichai said query growth hit its fastest pace in five years. Yet Chief Business Officer Philipp Schindler named weaker earnings from AI Mode as one cause of the slowdown, Search Engine Journal reported.
AI Mode is…
