Google Mother Alphabet has Lost Billions of Dollars on Wall Street

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Google mother Alphabet has lost tens of billions of dollars in market value on Wall Street on Tuesday. Investors put the share considerably lower after the tech giant came up with disappointing figures.


In addition to figures from Alphabet, investors in New York also responded to a large stream of results from other companies.

The leading Dow-Jones index eventually closed the session 0.2 percent higher at 26,592.91 points. The broad S&P 500 rose 0.1 percent to 2945.83 points, and technology level meter Nasdaq lost 0.7 percent to 8107.77 points.

Alphabet lost 7.5 percent. In the past quarter, the tech group was struggling with disappointing growth in advertising revenues and a lower profit. There is a fear that advertisers will more often choose competitors from Google to spend their money.

There was also attention for Facebook, which announced a significant update of the site and apps. However, the share lost 0.7 percent. Apple closed 1.9 percent lower. The company publishes its results after the closing bell.

Industrial concern GE got the hands of investors together. In particular, the fact that less money was spent made investors happy. The share won more than 4.5 percent. The opposite was exact for GM. The automaker came up with disappointing sales figures and lost 2.7 percent in market value.

Fast food chain McDonald’s was 0.2 percent higher after its quarterly results. The fast-food chain managed to boost its sales on the home market by expanding the range of breakfast products.

Chip producer NXP Semiconductors won nearly 8 percent, despite the quarter ending with red numbers. Pharmaceuticals Merck and Pfizer rose more than 2.5 percent after figures.

Results from industry colleague Eli Lilly (minus 2.1 percent) were less popular. Other companies that opened the books included ConocoPhillips (plus 0.8 percent) and credit card company Mastercard (plus 2.9 percent).

The euro was worth $ 1.1216 against $ 1,1205 at the end in Europe. The price of a barrel of American oil rose 0.6 percent to $ 63.89. Brent cost 1.1 percent more and was traded for $ 72.80 a barrel.

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