Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) shares tumbled in overnight trading on Thursday after the company’s third-quarter earnings call, but CEO Sundar Pichai hailed Waymo‘s expansion into new markets overseas.
GOOGL stock was down more than 10% in overnight trading on Thursday. If the decline persists through the regular trading session, this would be the worst single-day fall for Alphabet’s Class A shares in 79 months since March 2020, right at the beginning of the first wave of the COVID-19 pandemic.
Losses Widen at Waymo, Alphabet’s Other Bets
Waymo, which is part of Alphabet’s “Other Bets” segment and also includes the Wing autonomous drone delivery system, as well as biotechnology company Verily, continues to be a loss-making endeavor for the tech giant.
Alphabet reported that the Other Bets segment reported revenue of $372 million, which was up from last year’s $344 million revenue during the same period. However, the division reported a Q3 loss of $2.04 billion, up from last year’s $1.42 billion loss Alphabet reported in 2025.
Pichai Hails Waymo’s Trajectory
Alphabet chief Pichai praised the progress made by the Waymo team, the company’s autonomous ride-hailing unit.
“Waymo is on a great trajectory. We have now driven more than 300 million fully autonomous miles,” Pichai said about Waymo.
He added that the service operates in 15 cities across the U.S., including Tampa, San Diego and San Antonio, where it recently rolled out its Robotaxis. Pichai also pointed to “planned expansions into Canada, Germany, Singapore and Spain.”
Alphabet Tumbles Over Earnings Miss
Alphabet reported its third-quarter revenue of roughly $127.58 billion, which missed analyst expectations of $128.20 billion for the quarter. Its earnings of $2.12 also missed the market consensus of $3.02 per share. However, the company’s revenue was up 25% YoY.
Elon Musk Touts Miami Robotaxi Expansion
On Tuesday, Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk said that the company would be expanding its Robotaxi coverage to serve the Miami and Tampa beach areas in the near future after Gov. Ron DeSantis (R-FL) urged Tesla to expand its service.
Notably, Waymo’s service area in both Tampa and Miami serves customers on the beaches and is also wider than Tesla’s Robotaxi.
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