Alphabet shares post worst day, lose $500 billion
The gist
Alphabet shares fell as much as 15.8% after third-quarter revenue missed expectations, wiping out roughly $500 billion in market value.
The drop is the worst since its 2004 IPO and reflects Wall Street's anxiety over AI spending returns.
How it unfolded
- Oct 28, 2026Alphabet reported third-quarter results after the close, showing revenue below Wall Street expectations, negative free cash flow of $9.07 billion and slower search growth.
- Oct 29, 2026Shares fell as much as 15.8%, the worst single-day drop since its 2004 IPO, wiping out roughly $500 billion in market value.
- Oct 29, 2026Google Search & other revenue rose 12% to $63.35 billion, decelerating from 17% growth in Q2 and 19% in Q1, and missed analyst expectations.