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Alphabet is just Big Tech stock that falls behind profits as Google’s advertising business falls for the first time



Following a flood of Big Tech profits on Thursday afternoon, Alphabet Inc. Google,
-4.39%
GOOG,
-3.96%
was the only one of the top four companies that reported results falling in trading on Friday morning after investors reacted to a historic downturn for Google. Alphabet Class A shares opened at $ 1,497.05, down 2.7% from Thursday’s close, and drowned lower during the first half of trading, falling as much as 5.5%. In Thursday afternoon̵

7;s second-quarter earnings report, Alphabet reported that Google advertising revenue fell for the first time year-over-year, a historic drop during the COVID-19 pandemic, which has caused many advertisers to reduce their marketing budgets. However, Alphabet reported quarterly earnings of about $ 7 billion in revenue that reached $ 31 billion after deducting traffic acquisition costs. The decline pushed Alphabet towards the loss of its trillion-dollar valuation, with the company’s market cap hovering around $ 1.005 trillion with Friday’s early losses. Alphabet stock has still gained almost 10% this year, as the S&P 500 SPX index,
+ 0.06%
has increased 0.5%.


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