Published: Oct. 25, 2023 at 4:58 p.m. ET
The selloff in Alphabet Inc. shares Wednesday resulted in the fifth-largest one-day decline in market value for any U.S. company on record.
Alphabet’s stock GOOG GOOGL fell 9.5% in Wednesday’s action, wiping out $166.64 billion in market value for the Google parent company, according to Dow Jones Market Data. The decline in market cap is the largest one-day loss for Alphabet on record, though Meta Platforms Inc. META, Amazon.com Inc. AMZN, Apple Inc. AAPL and Microsoft Corp. MSFT all suffered worse losses in the past.
…
The selloff in Alphabet Inc. shares Wednesday resulted in the fifth-largest one-day decline in market value for any U.S. company on record.
Alphabet’s stock
GOOG
GOOGL
fell 9.5% in Wednesday’s action, wiping out $166.64 billion in market value for the Google parent company, according to Dow Jones Market Data. The decline in market cap is the largest one-day loss for Alphabet on record, though Meta Platforms Inc.
META
,
Amazon.com Inc.
AMZN
,
Apple Inc.
AAPL
and Microsoft Corp.
MSFT
all suffered worse losses in the past.
The company’s daily drop in valuation is more than the entire market capitalizations of each of Nike Inc.
NKE
,
Advanced Micro Devices Inc.
AMD
and Walt Disney Co.
DIS
The 9.5% fall in Alphabet Class A shares Wednesday made for their worst single-day percentage decline since March 16, 2020, when they shed 11.6%.
Read: Google earnings just crushed two big bullish hopes for Alphabet’s stock
The decline also marked the worst post-earnings one-day percentage decline for the Class A shares since July 18, 2008, when they dropped 9.8%, according to Dow Jones Market Data.
Alphabet late Tuesday beat overall revenue and earnings expectations, though the cloud-computing business underwhelmed and analysts left feeling less upbeat about the company’s margin potential going forward.
“Expectations were high heading into GOOG results, and while the top-line delivered in the most important areas, we wouldn’t be surprised if investors rotate a bit into other mega cap tech names near-term,” Barclays analyst Ross Sandler wrote following Tuesday afternoon’s earnings report.
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Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
