Alphabet spent US$51.4 billion on capital expenditure in Q3, mostly on data centres and AI chips, more than double the amount spent a year earlier. (EPA Images pic)WASHINGTON: Shares in Google parent Alphabet fell more than 10% in after-hours trading Wednesday as the company reported lower-than-expected profit and a slowdown in its advertising business while it maintained big spending on AI.
Net profit slid 25% from a year earlier to US$26.2 billion in the July-to-September period, or US$2.12 per share, well short of expectations by analysts surveyed by FactSet.
Alphabet booked an US$8.7 billion loss on its equity investments, which it attributed to its stake in SpaceX, the Elon Musk-led company where shares have struggled since going public in June.
