Published: October 25, 2023 at 16:58 ET
Alphabet Inc.’s Wednesday stock sell-off. caused the fifth-largest one-day decline in market value of any U.S. company in history.
Alphabets GOOG GOOGL shares fell 9.5% on Wednesday’s action, according to Dow Jones Market Data, wiping $166.64 billion in market value from Google’s parent company. The decline in market capitalization is Alphabet’s biggest single-day loss ever, although Meta Platforms Inc. META, Amazon.com Inc. AMZN, Apple Inc. AAPL and Microsoft Corp. MSFT has suffered larger losses in the past.
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Alphabet Inc.’s Wednesday stock sell-off. caused the fifth-largest one-day decline in market value of any U.S. company in history.
Alphabet stock
GOOG
GOOGLE
According to Dow Jones Market Data, Google’s parent company’s market value fell by 9.5%, wiping $166.64 billion off Google’s parent company’s market value. The decline in market capitalization is Alphabet’s biggest single-day loss ever, although Meta Platforms Inc.
UNDERWORLD
,
Amazon.com Inc.
AMZN
,
Apple Inc.
AAPL
and Microsoft Corp.
MSFT
all have suffered major losses in the past.
The daily decline in the company’s valuation is greater than the entire market capitalization of each Nike Inc. company.
NKE
,
Advanced Micro Devices Inc.
AMD
and Walt Disney Co.
DIS
Wednesday’s 9.5% drop in Alphabet Class A shares was the worst one-day percentage decline since March 16, 2020, when they lost 11.6%.
To read: Google’s earnings just dashed two big hopes for Alphabets’ bullish stock
The decline also marked the worst one-day percentage decline in Class A shares after earnings since July 18, 2008, when they fell 9.8%, according to Dow Jones Market Data.
Alphabet beat expectations for overall revenue and earnings late Tuesday, although the cloud computing industry was disappointed and analysts emerged less optimistic about the company’s future margin potential.
Expectations for GOOG’s results were high, and while gains were made in key areas, we wouldn’t be surprised to see investors turn to other large-cap technology companies in the near future, Barclays analyst Ross Sandler wrote in a Tuesday afternoon earnings report.
Opinion:Microsoft and Alphabet’s results show that Wall Street is only interested in artificial intelligence
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Image Source : www.marketwatch.com