Alphabet's profit drops 27% compared to a year ago

Google parent Alphabet announced a net profit of $13.9 billion in the third quarter, showing a decline in its online advertising market as advertisers reduced their budget.

Alphabet on Tuesday announced its third-quarter results, a net profit of $13.9 billion—down 27% from a year earlier. Revenue rose 6% to $69.1 billion, but analysts estimated $71 billion in revenue with a net profit of $16.9 billion.

Microsoft’s third-quarter earnings are better than what the analysts expected. The tech giant reported a net income of $17.6 billion, with a double-digit decline of 14% from a year ago. Revenue increased by 11% to $50.1 billion.