Alphabet shares drop 13.5%, set for biggest 1-day drop in over 20 years: Why is Google parent falling after Q3 results?

Alphabet shares fell 13.5%, heading towards their biggest one-day decline in more than 20 years, after September-quarter revenue missed estimates, including a $1.4 billion shortfall in advertising revenue. Free cash flow was negative $9.1 billion as capital expenditure exceeded $51 billion; Alphabet expects 2026 expenditure of $195-205 billion and plans a significant increase in 2027. Google Cloud revenue more than doubled to $30.7 billion, but this did not offset weak advertising performance.