Following a flood of Big Tech profits on Thursday afternoon, Alphabet Inc. Google,
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,
has increased 0.5%.