Alphabet's stock price fell 6% after posting fourth-quarter earnings, wiping around $110 billion off its market capitalization. Earnings and revenue beat estimates, but advertising revenue of $65.5 billion fell short of the $66 billion forecast. The company introduced its ChatGPT competitor, Gemini, in December and recently downsized its workforce to pivot its business model towards technology. Google Cloud's revenue surged 26% year-on-year to $9.2 billion in the last quarter, with Alphabet CEO Pichai citing strong performance in Search, YouTube, and Cloud, all amplified by AI investments, as the company transitions into the "Gemini era."
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00:00 It's Benzinga and here's what's on the block. Alphabet's stock price fell 6% after posting
00:04 fourth quarter earnings wiping around $110 billion off of its market capitalization.
00:08 Earnings and revenue beat estimates but advertising revenue of $65.5 billion fell
00:12 short of the $66 billion forecast. The company introduced its chatGBT competitor Gemini in
00:18 December and recently downsized its workforce to pivot its business model towards technology.
00:22 Google Cloud's revenue surged 26% year-on-year to $9.2 billion in the last quarter with Alphabet's
00:27 CEO Pichai citing strong performance in search, YouTube, and cloud all amplified by AI investments.
00:33 For all things money visit Benzinga.com