(CNBC) Alphabet reported 11% revenue growth in the third quarter, as a rebound in advertising pushed expansion into double digits for the first time in over a year. The shares dropped almost 7% in extended trading as the cloud business missed analysts’ estimates. The double-digit increase in revenue comes after four quarters of single-digit expansion. Google’s core advertising weakened due to economic softening last year and increased competition from TikTok.
Alphabet shares drop as cloud miss overshadows better-than-expected overall results
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