Why Alphabet Stock Is Lower Today
Portfolio Pulse from Henry Khederian
Alphabet Inc's (NASDAQ:GOOGL) (NASDAQ:GOOG) shares dropped 2.7% to $167.28 after a surge last week due to strong earnings. The company reported a 15% increase in first-quarter revenue to $80.539 billion, beating expectations, and earnings of $1.89 per share, surpassing analyst predictions.
April 29, 2024 | 4:32 pm
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NEGATIVE IMPACT
Alphabet Inc's Class C shares experienced a 2.7% decrease to $167.28, following a significant rise due to impressive earnings results.
Similar to GOOGL, the decline in GOOG shares may be a result of market dynamics where investors decide to lock in gains after a notable earnings-induced rally. The earnings beat was likely priced in, causing a temporary retreat in stock value.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Alphabet Inc's Class A shares fell 2.7% following a post-earnings surge, despite beating revenue and EPS estimates.
The drop in Alphabet's stock price, despite surpassing earnings and revenue expectations, could be attributed to profit-taking after the recent surge. Investors might have anticipated the strong results, leading to a 'sell the news' reaction.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100