Google's cloud platform risks falling further behind Microsoft's Azure, and Amazon's AWS services after a relatively weak showing in the third quarter
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The drop in Google’s share price despite beating Wall Street estimates for profit and sales, shows how much investors want the company to deliver gains in artificial intelligence, and show the cloud business remains competitive against a more powerful Azure from Microsoft and Amazon.com’s AWS. Finance chief Ruth Porat said in a conference call Tuesday that the third-quarter cloud growth is due to “customer optimization efforts,” without elaborating.
While advertising spending has been strong in some sectors such as retail and travel, industry executives and analysts have noted a pullback in budgets in some areas, affecting Alphabet’s major source of revenue. Revenue for the quarter ended September 30 stood at $76.69 billion, compared with estimates of $75.97 billion, according to LSEG data.
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