Alphabet’s GOOGL Shares Post Record 12.65% Percentage Decline

Alphabet’s Class A shares (GOOGL) dropped $41.11, or 12.65%, Thursday, closing at $283.78 at 4 p.m. ET (20:00 UTC) for their largest close-to-close percentage loss on record after the Google parent released quarterly results Wednesday.

Revenue for the quarter ended Sept. 30 rose 25% year over year to $127.58 billion. The Search & other segment generated $63.35 billion, up 12%, while Cloud revenue reached $30.7 billion, a 103% increase.

Property and equipment purchases totaled $51.355 billion, while free cash flow came to negative $9.065 billion. Net income available to common stockholders fell to $26.17 billion from $34.98 billion a year earlier. The equity securities loss totaled $8.664 billion and lowered net income by $6.7 billion.

“Our AI investments are driving overall Search query growth, including commercial queries,” Sundar Pichai, CEO of Google and Alphabet, said. He said the year-over-year query growth rate was the highest in five years.

The S&P 500 fell 0.3% and the Nasdaq Composite lost 1.4% Thursday, although most U.S. stocks rose.