Alphabet Shares Plunge 13%, Erasing $490 Billion in Market Value
Summary
- Alphabet shares were trading around $280 after falling about 13% from the previous session.
- The stock plunge wiped about $490 billion in market value from Alphabet.
- Alphabet’s third-quarter free cash flow (FCF) was negative $9.065 billion, with the deficit widening 55%, while capital expenditures jumped 114%.
Forecast Trend Report by Period
Shares of Google parent Alphabet are plunging.
Alphabet was down about 13% from the previous session, trading around $280 in early U.S. stock market trading on October 29, according to TradingView. The sharp drop wiped about $490 billion off the company’s market value.
The decline followed Alphabet’s third-quarter earnings released on October 28. The company’s free cash flow for the quarter was negative $9.065 billion, with the deficit widening 55% from the previous quarter. Operating cash flow fell 13% from a year earlier to $42.29 billion, while capital expenditures surged 114% to $51.355 billion.
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