Alphabet lost $482 billion in market value on Thursday after reporting quarterly results that missed expectations, with revenue of $127.6 billion and net income down 25%. The company’s free cash flow turned negative at $9.07 billion because of heavy spending on artificial intelligence infrastructure, while growth in search advertising slowed. Alphabet’s Other Bets division, which houses Waymo, generated $372 million in revenue and an operating loss of $2.05 billion. Waymo nevertheless retains a $126 billion valuation, completes more than 500,000 paid rides per week, and is preparing to expand in London and Tokyo. Its international rollout and funding needs highlight the unit’s reliance on outside capital and Alphabet’s ability to sustain long-term investment.
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