Despite “strong” Google Cloud revenue, Wall Street wasn’t impressed by parent company Alphabet’s third quarter 2019 earnings, sending Alphabet stock down as much as 4% in after-hours trading.

Alphabet reported $40.5 billion in Q3 revenue, up 20% compared to the third quarter of 2018. This was roughly in line with analysts’ forecasts. However, the company also reported net income of $7.07 billion, or $10.12 per share, down 23% from a year ago. Analysts expected earnings of $12.28 per share.

Google-specific revenue of $28.65 billion, up 19% year over year, led the parent company’s growth. This included a 17% increase in Google ad revenue, which hit $33.9 billion. "Other” Google Q3 revenue, which includes its cloud services as well as phones and other hardware, grew 39% year over year to $6.43 billion, “once again fueled by cloud,” said Google CEO Sundar Pichai.

However, after surprising investors by reporting Google cloud reached an annual revenue run rate of more than $8 billion on the company’s second quarter earnings call, Pichai didn’t provide any revenue details specific to cloud for Q3.

This isn’t too shocking because company executives typically don’t provide specifics about cloud business revenue. But it was disappointing considering the investment that Alphabet has pumped into Google Cloud hires and acquisitions.

It also comes as Amazon and Microsoft last week reported slowing cloud growth for their most recent earnings quarters — but they both have much higher revenues than Google Cloud. Microsoft reported its Azure cloud infrastructure revenue jumped 59% in its fiscal 2020 first quarter, while Amazon said its Amazon Web Services (AWS) revenue increased 35%.