Why Alphabet Shares Hit A New 52-Week Low Today

Alphabet Inc GOOGL GOOG shares are trading lower Tuesday afternoon amid overall market weakness as stocks fall on concerns over a tight labor market, which could impact future Federal Reserve policy. The stock may also be facing continued pressure following last week's earnings report.

Also, per a Tuesday report by Reuters, Alphabet has paused enforcement pausing the company's proprietary billing system for developers selling digital goods in India. This comes after a ruling by the country's antitrust body.

What Happened?

Alphabet last week reported third-quarter revenue of $69.09 billion, up 6% year-over-year. The total came in below Street estimates of $70.9 billion, according to data from Benzinga Pro.

The company reported earnings per share of $1.06, which missed an estimate of $1.27 from analysts.

Alphabet also reported revenue of $39.54 billion for its Search division, $7.07 billion for its YouTube ads division and $7.87 billion for its Google Network division within the Google Ad segment...Read More

Alphabet Class A is trading lower by 3.70% to $91.02; Alphabet Class C is trading lower by 3.74% to $91.12.