Google shares are down 10% as search revenue growth slowed. The market is repricing the core cash engine first, and that multiple compression can outrun any ad recovery. $GOOGL

What happened: Google shares fell after the company's ad revenue missed estimates. Total revenue was $127.6 billion, just below the level Wall Street predicted. Key numbers: Total revenue $127.6 billion, below Wall Street estimates. Cloud revenue grew faster than expected. Why it matters: The ad revenue miss weighed on the shares, while faster than expected cloud growth was a bright spot in the results. Coverage: 3 outlets in 24h

Google shares fell after the company's ad revenue missed estimates. Total revenue was $127.6 billion, just below the level Wall Street predicted.

The ad revenue miss weighed on the shares, while faster than expected cloud growth was a bright spot in the results.