Alphabet's shares dropped sharply after the company reported quarterly figures that missed Wall Street forecasts.
The stock slid about 9% to $295.20 within an hour of the market closing on Wednesday.
Google's parent company, based in Mountain View, California, said its net income for the July-September period was $26.17 billion.
That compares with $34.98 billion in the same three months a year earlier.
Revenue for the quarter came in at $127.58 billion, up 25% from the same period last year.
Even so, the figure missed analysts' expectations.
A FactSet poll put average analyst forecasts at $127.97 billion.
The company reported earnings of $2.12 per share.
Results were hit by an $8.7 billion loss on equity investments during the quarter.
Analysts had been expecting earnings of around $3.01 per share, though it was not immediately clear whether the reported figure is comparable to those estimates.
Sundar Pichai, CEO of Google and Alphabet, said in a statement that the quarter was strong and that the company is “now on a half-trillion-dollar revenue run rate. Our deep full stack approach is driving momentum across the business,” pointing to 25% year-over-year revenue growth.
Pichai also said the Gemini app, its artificial intelligence assistant, has reached one billion users.
That makes it the fastest-growing product in Google's history, he said.