Google Cloud Revenue Boosts Alphabet’s Earnings
October 29, 2018 / Jessica Lyons Hardcastle
Google cloud revenue boosted parent company Alphabet’s latest fiscal quarter. However, while the tech giant beat Wall Street’s earnings estimates, it fell short on revenue estimates, which sent Alphabet stock tumbling in after-hours trading on Thursday and well into Friday. Alphabet’s revenues hit $33.7 billion for the third quarter of 2018, up 21 percent versus the third quarter of 2017. Analysts, however, expected $34.04 billion. Google’s major cloud competitors Amazon Web Services (AWS) and Microsoft this week posted their latest quarterly results that showed a slight dip in their cloud businesses this quarter, according to data from Synergy Research Group.