Alphabet Tumbles as Cloud Growth Slows, Missing Estimates
- Company boosts capex to $75 billion, lifting Broadcom shares
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Google parent Alphabet Inc.’s shares dropped after slower growth in its cloud business contributed to lower-than-expected revenue in the fourth quarter.
Quarterly sales, excluding partner payouts, were $81.6 billion, Alphabet said Tuesday in a statement. Analysts had projected $82.8 billion, according to data compiled by Bloomberg.