Google Cloud third-quarter revenue miss drags Alphabet share price down over 5%

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Also Read: Microsoft Q3 Results: Revenues rise 13% to $56.5 billion, beating analysts estimates By contrast, revenue from Microsoft's Intelligent Cloud unit, which houses the Azure cloud computing platform, grew to $24.3 billion, compared with analysts' estimate of $23.49 billion, LSEG data showed, Reuters reported. Azure revenue rose 29%, higher than a 26.2% growth estimate from market research firm Visible Alpha.

(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Alphabet reported a net profit of $19.69 billion for the July-September period, compared with $13.91 billion a year earlier. The company’s revenue for the quarter stood at $76.69 billion, compared with estimates of $75.97 billion, according to LSEG data.

The company recorded ad revenue rose to $59.65 billion in the third quarter from $54.48 billion a year earlier. Analysts on average had expected $59.12 billion in revenue from its advertising business.

Also Read: Nifty 50, Sensex today: What to expect from stock market indices in trade on October 25 Within the company's advertising segment, YouTube ads reported revenue of $7.95 billion as against $7.07 billion last year. Alphabet laid off roughly 12,000 employees earlier this year, or about 6% of its global workforce, in an effort to cut staff amid a “different economic reality." The company also laid off employees from its global recruiting team in September.

The company recorded severance and related charges of $2.1 billion for the first nine months of the year. (With inputs from Reuters) Catch Live Market Updates here"Exciting news! Mint is now on WhatsApp Channels