The stock price of Alphabet Inc. dropped 7.2% following the release of fourth-quarter earnings that fell short of Wall Street’s expectations.
Although the company’s revenue increased by 12% year over year, it reported revenue of $96.47 billion, which was somewhat less than the $96.56 billion that was expected.
Apart from the income shortfall, Alphabet declared its intention to allocate $75 billion towards capital expenditures that will improve its artificial intelligence capabilities.
This investment demonstrates the company’s dedication to creating AI and infrastructure solutions in a cutthroat industry.
Investors’ attention is currently on how these expenses can affect performance in the future.
Source (CNBC)
