Google parent Alphabet shares tank over 6% as cloud revenue takes a hit from rivals

Core Insights - Alphabet missed Wall Street estimates for quarterly revenue, indicating challenges from increased competition in the digital advertising market and a slowdown in its cloud computing business [1] - The company's shares fell over 6% in extended trading, although Alphabet has gained about 9% year-to-date [1] Revenue Performance - Revenue rose 12% to $96.47 billion in the fourth quarter, which was below the average analyst estimate of $96.56 billion [4][5] - The company reported a profit of $2.15 per share, slightly beating estimates of $2.13 per share [5] Cloud Business Insights - Google's Cloud business revenue increased by 30% to $11.96 billion in the fourth quarter, a slowdown from the 35% increase in the previous quarter [2][3] - Analysts had expected a rise of 32.3% to $12.16 billion for the cloud business [2]