Alphabet shares fell about 11% in early trading after its Q3 2026 revenue reached 127.58 billion USD, up 25%, but EPS of 2.12 USD missed estimates, mainly due to an 8.7 billion USD loss on its equity investments. Capital spending rose to 51.3 billion USD, pushing free cash flow to negative 9.1 billion USD, its second straight negative quarter; to fund the buildout, Alphabet issued 28.7 billion USD in senior unsecured debt and raised 12.4 billion USD through at-the-market stock sales. Google Cloud revenue grew 103% to 30.71 billion USD. In contrast, Microsoft reported revenue of 92.3 billion USD, up 19%, adjusted EPS of 4.89 USD above the 4.72 USD consensus, capex of 45.2 billion USD and positive free cash flow of 18.6 billion USD. Microsoft and Meta edged higher while Amazon slipped 2%.
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Related tickers and likely impact
GOOGL
▼ Likely negativeAlphabet Inc. (Class A)
Relevance: high
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $4.0T |
| Close on 10/28/2026 | 325.61 |
| Change that session | +1.57% |
MSFT
▲ Likely positiveMicrosoft
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Systems Software |
| Market cap | $3.9T |
| Close on 10/28/2026 | 530.83 |
| Change that session | -0.09% |
AMZN
• NeutralAmazon
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Broadline Retail |
| Market cap | $2.7T |
| Close on 10/28/2026 | 254.65 |
| Change that session | +0.61% |
META
• NeutralMeta Platforms
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $1.7T |
| Close on 10/28/2026 | 612.49 |
| Change that session | -1.24% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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