Google’s search for sales in cloud, hardware clip Alphabet profit

Google parent Alphabet reported quarterly results on Monday that show costs continue to rise faster than revenue as the web search leader seeks to broaden its business, dampening Wall Street’s enthusiasm despite Google’s continued dominance in advertising sales.

The company, the world’s leading provider of internet search, advertising and video services, posted its highest-ever quarterly expenses. It missed analysts’ estimates for third-quarter profit by about $1.7 billion, though it beat revenue estimates by about $175 million.