NEW YORK (TheStreet) -- Shares of Alphabet (GOOGL) - Get Report  were retreating in early-afternoon trading on Wednesday as the company is slated to report 2016 third-quarter results after tomorrow's market close. 

Analysts surveyed by FactSet are looking for adjusted earnings of $8.62 per share and $17.99 billion in revenue. 

For the same period last year, the Mountain View, CA-based technology company earned $7.35 per diluted share on revenue of $15.11 billion in revenue. 

Additionally, the Google parent company announced in a blog post late yesterday that it would be temporarily scaling back the launch of its Google Fiber Internet service. 

Craig Barratt, the CEO of Alphabet's Google Access division, is also stepping down. Google Access oversees Google Fiber. 

Barratt said it's halting development of Google Fiber in eight cities where it had planned to roll out the service.

About 9% of Google Fiber's staff is being laid off in cities where Google Fiber service is being temporarily halted, Bloomberg reports, citing sources. 

Leaders at Google Fiber disagreed on the immediate scope of the Internet service, sources said, according to Bloomberg.

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Barratt pushed for expansion in major cities, while others believed the service would be better suited for mid-sized cities because it would be easier to install fiber-optic cables. 

(Alphabet is held in Jim Cramer's charitable trust portfolio Action Alerts PLUS. See all of Cramer's holdings with a free trial.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

The team rates Alphabet as a Buy with a ratings score of A. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and reasonable valuation levels. Although no company is perfect, currently the team does not see any significant weaknesses which are likely to detract from the generally positive outlook.

You can view the full analysis from the report here: GOOGL

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