The entire FANG space is plunging after-hours as AMZN and GOOGL revenues disappointed. Google parent Alphabet's shares crashed over 7% after hours after missing revenue estimates...

Despite reporting Q3 EPS of $13.06 (well above consensus $10.40), the company reported revenues of $27.2 billion, versus expectations of $27.3 billion (excluding acquisition costs). A small miss, but enough to erase the day's exuberant gains...

Alphabet CFO Ruth Porat comments in the earnings release:

"Our business continues to have strong momentum globally, led by mobile search and our many products that help billions of people every day" "We remain focused on delivering on the opportunities we see."

While third-quarter sales jumped, so did costs. Capital expenditures totaled $5.28 billion in the quarter, up 49 percent from a year earlier. The company is spending billions of dollars a year to build data centers and servers, while developing and marketing new consumer hardware like its Pixel phones.

Q3 cost-per-click on Google properties fell 28% as paid-clicks on Google properties rose 62%.

However, "Other Bets Revenues" - which includes companies other than Google proper under the Alphabet umbrella - are down considerably year over year, coming in at $146 million versus $302 million a year ago. Still, it came in at $1 million more than last quarter.

The entire FANG space is getting hit on the news...