5 Latest Earnings to Watch

3. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 153

Shares of Alphabet Inc. (NASDAQ:GOOG) turned red on Wednesday morning after the search engine giant posted weak financial results for the third quarter. The company primarily took a hit from decelerating ad sales.

Alphabet Inc. (NASDAQ:GOOG) reported earnings of $1.06 per share, down from $1.40 per share in the year-ago period and below the consensus of $1.27 per share. The quarterly revenue of $69.09 billion also missed the expectations of $71 billion.

In addition, Alphabet Inc. (NASDAQ:GOOG) released its segment-wise sales results. Google advertising revenue inched up just 2.5 percent versus last year to $54.48 billion, missing the consensus of $56.9 billion with a big margin. YouTube ad revenue came in at $7.07 billion, against the expectations of $7.5 billion. On the bright side, Google Cloud Platform revenue increased to $6.87 billion, beating estimates of about $6.7 billion.