Google Cloud more than doubled its revenue, reaching $30.7 billion in the third quarter, helping offset more tepid growth from Google Search and YouTube. Alphabet’s revenue rose 25% to $127.6 billion, while earnings per share fell from $2.87 to $2.12 due to an $8.7 billion paper loss on equity investments. Capital spending more than doubled from $24 billion to $51.4 billion, pushing free cash flow to negative $9.1 billion from negative $5.9 billion in the previous quarter. Google Cloud’s profit margin nevertheless widened to 36.2%, and Alphabet’s shares fell as much as 8% after the results were released.
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