Google parent Alphabet’s revenues disappoint Wall Street amid stiff AI competition

A sign for Google near their office in Beijing, China, on Tuesday. Photograph: Jessica Lee/EPA

Shares of Google’s parent company Alphabet fell more than 6% after the company reported a slight miss in expected revenue on Tuesday. The company reported $96.5bn, compared with analyst expectations of $96.67 bn. The company surpassed investors’ expectations of $2.13 in earnings per share, however, with $2.15 in EPS.

“Q4 was a strong quarter driven by our leadership in AI and momentum across the business,” Alphabet chief executive Sundar Pichai wrote in a statement. “We are building, testing, and launching products and models faster than ever, and making significant progress in compute and driving efficiencies.”