According to Woofun AI, Alphabet's stock price experienced a sharp drop in Thursday night trading after the release of the third quarter earnings report, and GOOGL fell by more than 10%. If this trend continues into the regular trading session, this would be the worst single-day decline in 79 months for Alphabet A stocks since the first wave of COVID-19 broke out in March 2020.
The core pressure stemmed from huge losses in 'other business sectors'. This segment includes Waymo, Wing's autonomous drone delivery system, and biotech company Verily. Although revenue increased from $344 million last year to $372 million, quarterly losses increased from $1.42 billion last year to $2.04 billion. Overall, Alphabet's third-quarter revenue was about US$127.58 billion, lower than analysts' expectations of US$128.2 billion; earnings per share of US$2.12 fell short of market expectations of US$3.02, although revenue increased 25% year over year.
According to data compiled by Woofun AI, CEO Sundar Pichai spoke highly of Waymo's progress, pointing out that it has completed more than 300 million miles of fully autonomous driving miles, operates in 15 US cities including Tampa, San Diego, and San Antonio, and plans to expand to Canada, Germany, Singapore, and Spain.
In terms of the competitive landscape, Tesla's Musk on Tuesday responded to the appeal of Florida's Republican Governor Ron DeSantis to expand Robotaxi services to the Miami and Tampa waterfront areas. Notably, Waymo's service areas in Tampa and Miami also cover waterfront customers, and have a wider range than Tesla. This is the latest manifestation of the direct confrontation between leading technology giants in key markets following the acceleration of commercialization of autonomous driving.