Line chart of Alphabet stock versus the S&P 500 on October 29, 2026. Alphabet fell as much as 13.7% early and was down 11.4% at $287.64 as of 11:39 AM ET, while the S&P 500 was down 0.2%.

Alphabet (GOOGL) stock is down today after the Google parent’s third-quarter search revenue missed Wall Street estimates and its free cash flow fell far short of forecasts. Alphabet said currency swings were the single largest driver of the slowdown in search growth, along with lower monetization in its AI Mode search product.

As of 11:39 AM ET, Alphabet was down 11.4% at $287.64, while the S&P 500 was down 0.2%. The stock fell as much as 13.7% in the first 10 minutes of trading.

  • Search and other revenue rose nearly 12% to $63.35 billion, below estimates for a second straight quarter

  • Free cash flow was negative $9.06 billion, its second straight quarter below zero

  • Google Cloud revenue more than doubled to $30.7 billion, and its backlog reached $561 billion

  • Alphabet kept its 2026 capital spending forecast of $195 billion to $205 billion and said spending will rise significantly in 2027

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Phil Rosen
Phil Rosen

Phil Rosen is co-founder and CEO of Opening Bell Media and chief market strategist for Silvia Inc. (NASDAQ: SVIA). He hosts Full Signal and writes Opening Bell Daily — the markets briefing read by over 200,000 investors and published on Bloomberg Terminals — and has also published two books and won a Fulbright award for his reporting. Contact him at [email protected].

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