The market capitalization of US technology company “Alphabet”, the owner of “Google”, decreased by $477 billion in one day, which is the largest decrease in its history.
elchi reports that this is shown by auction data on the “Nasdaq” stock exchange.
According to data as of 8:30 PM Baku time, the company’s market capitalization was $3.459 trillion compared to $3.936 trillion recorded the previous day.
By this time, “Alphabet” shares had fallen by 12.07% to $283.04 per share.
The decline in share prices occurred after “Google” announced its financial results for the third quarter of 2026. Even before the main trading sessions began, the company’s shares were losing more than 10% of their value.
According to “Bloomberg”, Google’s Chief Commercial Officer, Philipp Schindler, stated that the increasing popularity of the “AI Mode” artificial intelligence feature negatively impacted the company’s financial results.
The company’s quarterly revenue was $111.2 billion, which is lower than analysts’ expectations. “YouTube” advertising revenue also fell short of forecasts, amounting to $11.2 billion.