Why Alphabet Stock Slumped on Wednesday
Shares of Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) turned sharply lower on Wednesday, falling as much as 5%. As of 1:10 p.m., the stock was still down 2.1%.
The catalyst that sent the tech giant lower was its first-quarter earnings report, which held a few unhappy surprises for investors.
Alphabet generated revenue of $68 billion, up 23% year over year (up 26% in constant currency). Its operating margin of 30% was consistent with the prior-year period. The search leader delivered net income of $16.44 billion, which resulted in earnings per share (EPS) of $24.62, up just 7%.
Source Fool.com
