Alphabet - C

Q3 FY2026 EarningsQ3 FY26 results presented a significant miss on the bottom line despite a slight top-line beat. Revenue reached $127.6B vs. $127.9B expected (largely in-line), driven by a 103% YoY surge in Google Cloud. However, GAAP EPS of $2.12 fell sharply below the $3.01 consensus, primarily due to an $8.7B net loss in Other Income (OI&E) triggered by unrealized losses on equity securities (notably SpaceX). While Google Cloud profitability improved significantly, aggressive AI infrastructure spending led to capital expenditures of $51.4B for the quarter, highlighting a pivot toward heavy investment at the expense of short-term margins.