NEW YORK: Google parent Alphabet Inc missed analysts’ quarterly revenue estimates for the first time in at least two years and reported continuing erosion of its operating margin, sending shares down almost 7 per cent after hours.
The tech company’s third-quarter results fanned investor concern that big investments in new businesses, increasing regulatory scrutiny and emerging competition are producing slow and unpredictable returns.
Alphabet disclosed, for example, that passengers of its self-driving Waymo minivans are now paying for rides, but the offering remains limited to the Phoenix, Arizona region and Waymo’s finances are not broken out.
Overall revenue rose 21 per cent to $33.74 billion, missing analysts’ estimate by about $310 million, according to Refinitiv data. — Reuters
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