Alphabet shares fall about 13% after Q3 results, wiping out nearly $500 billion
Alphabet shares fell about 13% on Thursday, 29 October 2026, a day after its third-quarter results. Media estimate the loss at nearly $500 billion in market value. Alphabet's own results show sales up 25% to $127.6 billion, but free cash flow of negative $9.065 billion after $51.355 billion of spending on property and equipment.
The short version
- 01Alphabet shares fell about 13% on 29 October 2026, the day after its Q3 results (reported by media).
- 02IBTimes puts the loss at about $496 billion in market value, and CNBC calls it Alphabet's worst day ever.
- 03Alphabet reported revenue up 25% to $127.6 billion and Google Cloud revenue up 103% to $30.7 billion.
- 04Free cash flow was negative $9.065 billion in Q3, after $51.355 billion spent on property and equipment.
- 05Alphabet's 2026 capital spending forecast is $195 to $205 billion, according to media coverage of the results.
At a glance
| Results published | 28 October 2026 |
|---|---|
| Company | Alphabet (Google's parent) |
| Share fall | About 13% on 29 October (reported) |
| Q3 revenue | $127.6 billion, up 25% |
| Google Cloud revenue | $30.7 billion, up 103% |
| Q3 free cash flow | Negative $9.065 billion |
| Q3 spending on property and equipment | $51.355 billion |
| Status | Confirmed results, reported share move |
What happened to Alphabet's shares?
Alphabet published its third-quarter 2026 results on 28 October 2026. The next day, Thursday 29 October, its shares fell about 13%. Seoul Economic Daily puts the fall at 12.64% in the US session.
IBTimes estimates the loss at about $496 billion in market value, citing Yahoo Finance estimates, and calls it Alphabet's worst day since its 2004 stock market debut. CNBC also called it Alphabet's worst day ever. These share figures come from media, not from Alphabet.
What did Alphabet's results show?
Revenue rose 25% to $127.6 billion. Google Cloud revenue rose 103% to $30.7 billion, and Alphabet says Search queries grew at the highest rate in five years. Net income was $26.2 billion, or $2.12 a share.
Alphabet says its first-party model APIs now process nearly 32 billion tokens a minute, and that the Gemini app has reached one billion users.
We had a strong quarter and are now on a half-trillion dollar revenue run rate.
Sundar Pichai, CEO of Google and Alphabet
Why is free cash flow negative?
Free cash flow is the cash a company has left after paying for its equipment and buildings. Alphabet's was negative $9.065 billion in Q3, compared with negative $5.855 billion in Q2 and positive $10.116 billion in Q1.
The reason is spending. Alphabet's purchases of property and equipment were $51.355 billion in Q3, up from $44.924 billion in Q2 according to its own table. Seoul Economic Daily says that is up 114% from a year earlier, and media coverage links the rise to AI infrastructure.
How much will Alphabet spend next?
Media coverage says Alphabet kept its 2026 capital spending forecast at $195 to $205 billion. IBTimes quotes CFO Anat Ashkenazi saying Alphabet expects capital spending "to increase significantly in 2027".
Why does it matter?
Alphabet's sales and cloud business are growing fast, but the cash it spends on AI is growing faster. The share fall shows investors are asking how soon that spending pays off.
What's next?
Alphabet has said spending will rise in 2027. Investors will watch whether Cloud growth and Search growth keep pace with it.
Questions people ask
How much did Alphabet shares fall?
About 13% on 29 October 2026, according to media reports. Seoul Economic Daily gives 12.64%.
How much value was lost?
IBTimes estimates about $496 billion, citing Yahoo Finance estimates. Alphabet has not given a figure.
Did Alphabet's sales fall?
No. Revenue rose 25% to $127.6 billion in the quarter, according to Alphabet.
What is free cash flow?
The cash left after a company pays for its equipment and buildings. Alphabet's was negative $9.065 billion in Q3.
How much does Alphabet plan to spend in 2026?
Media coverage of the results says $195 to $205 billion in capital spending.
Sources
- PrimaryAlphabet: Q3 2026 results, SEC filing (28 Oct 2026)
- CoverageIBTimes Australia: Alphabet stock plunges 13% (29 Oct 2026)
- CoverageSeoul Economic Daily: Alphabet plunges 13% on capex shock (30 Oct 2026)
Why "Confirmed"? We label a story "Confirmed" when the company or government announced it itself. Spotted an error? Email hello@openloopnews.com and we will correct it.
