- Shares of Alphabet’s Google dropped 2.44% on Thursday after it reported quarterly earnings that missed Wall Street’s estimates.
- Google reported revenue of $US25.9 billion, below Wall Street’s estimates of $US26.23 billion.
- It reported non-adjusted earnings of $US9.70 per share, compared to analysts’ estimates of $US10.04 per share.
- Its traffic acquisition costs, a concern for Wall Street observers, was $US6.45 billion, up from $US4.85 billion a year ago.
- The company also announced that John Hennessy was appointed as chairman of the board. He replaced Eric Schmidt, who stepped down several weeks ago.
- Watch Google’s stock price move in real time here.
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