Alphabet Inc. tumbled the most in almost seven years after first-quarter revenue missed analysts’ estimates and sparked fears that advertisers are shifting some spending to digital rivals away from Google.
A lack of answers on Alphabet’s earnings call led to “frustration” for investors, Jefferies analysts wrote in a note. The stock fell as much as 8.6 percent Tuesday, the most intraday since October 2012, and traded down 7.6 percent to $1,197.85 at 9:37 a.m. in New York.