Alphabet lost $482 billion in market value Thursday, its worst day since going public in 2004, largely because of disappointing results from its core Google search business. Its Other Bets division, which houses Waymo, generated $372 million in revenue, or 0.29% of Alphabet’s $127.6 billion quarterly sales, but reported an operating loss of $2.05 billion. Waymo secured a $16 billion funding round in February that valued it at $126 billion and plans to launch its services in more than 20 additional cities, including London and Tokyo. To finance this expansion, the company also closed a $5 billion term loan, its first debt financing, after providing more than 400,000 weekly rides across six major U.S. metropolitan areas. Meanwhile, Alphabet’s capital expenditures more than doubled, rising from $24 billion to $51.4 billion in the third quarter, mainly because of infrastructure spending tied to artificial intelligence.
Source: Read the original article
