ðŸ‡ðŸ‡° English, 29 October 2026, market impact
Alphabet's disappointing results weigh on tech-heavy Nasdaq
Shares of Alphabet finished down more than 12 percent, resulting in a US$480 billion hit to the tech giant's market value.
The drop in Alphabet weighed on all three major US equity indices, led by the tech-focused Nasdaq, which lost 1.4 percent.
The Alphabet slump came after it reported disappointing growth in both advertising revenue and revenue from its search business.
The company also said it would continue to increase capex spending significantly in 2027 after estimating the 2026 level as between US$195 billion to US$205 billion.