Alphabet reported adjusted EPS of $2.67, well below the $3.02 LSEG consensus, on revenue of $127.58 billion vs $128.22 billion expected, its first simultaneous top- and bottom-line miss in nearly four years. Free cash flow was negative $9.07 billion after $51.36 billion of capex, even as Google Cloud revenue more than doubled to $30.71 billion. Search ads grew 12% to $63.35 billion, below the $64.96 billion consensus, putting the payoff from AI spending under scrutiny.
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