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Alphabet misses revenue expectations

Alphabet had a rough quarter capped off by a rough day on Thursday.Alphabet (...

Posted: Oct 26, 2018 12:26 PM
Updated: Oct 26, 2018 12:26 PM

Alphabet had a rough quarter capped off by a rough day on Thursday.

Alphabet (GOOGL), the parent company of Google, reported third quarter revenues of $33.7 billion on Thursday, missing analysts' expectations even though it was a 21% jump from the same time last year. It reported a net income of $9.19 billion.

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The earnings report came hours after a bombshell New York Times article alleged Google paid executives millions of dollars after they were accused of sexual harassment. In a letter to employees Thursday afternoon, Google CEO Sundar Pichai said the company was "dead serious" about a safe workplace. He said 48 people have been fired for harassment in the past two years without getting exit packages.

The company's stock was down 5% in extended trading.

As always, the company's advertising business made up most of its income, bringing in $28.9 billion for the quarter. The company's "other" revenues, which include its cloud business and hardware division, clocked in at $4.6 billion.

Alphabet's more experimental "other bets" projects, which include self-driving car division Waymo, reported just $146 million in revenue and a $727 million operating loss, which is on par with the company's usual investment in the divisions. Alphabet CFO Ruth Porat said the other bets were moving closer to the early stages of commercialization.

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