Alphabet Stock Is Trading Lower Wednesday: What's Going On?
Portfolio Pulse from Adam Eckert
Alphabet Inc (NASDAQ:GOOG) shares dropped after reporting Q4 financial results, despite beating revenue and earnings estimates. Revenue grew 13% to $86.31 billion, and adjusted earnings were $1.64 per share. Google Search, YouTube, and Google Cloud showed strong performance. CEO Sundar Pichai highlighted AI investments and innovation. Alphabet is optimizing its office space and expects higher capital expenditures in 2024. Needham analyst Laura Martin maintained a Buy rating with a $160 price target. Shares fell 4.98% to $145.43.
January 31, 2024 | 1:34 pm
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Alphabet Inc's stock fell after Q4 results showed revenue and earnings beats but also indicated higher expected capital expenditures in 2024 and ongoing cost optimization efforts.
Despite positive earnings and revenue growth, the stock price fell, likely due to concerns over increased capital expenditures and cost optimization, which may affect short-term profitability.
CONFIDENCE 85
IMPORTANCE 90
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