Alphabet Sheds $766B in Worst Month as Valuation Drops to 2012 Low

Alphabet lost $766 billion in market value in October, its worst monthly loss on record, as a 12.6% post-earnings drop on Oct. 29 pushed its price-to-earnings ratio to the lowest level since 2012. The decline followed third quarter results where revenue of $127.58 billion and earnings of $2.12 per share missed estimates of $127.93 billion and $3.01, with Search and Other revenue growing 12% to $63.35 billion but falling short of the $64.85 billion forecast. Capital expenditures rose 114% year-over-year to $51.36 billion, exceeding operating cash flow of $42.3 billion and resulting in negative free cash flow of $9.1 billion.