Alphabet Inc. reported first-quarter revenue that missed analysts' estimates and sparked fears that advertisers are shifting some spending to digital rivals.
Shares of Google's parent company were down 7.8 percent during pre-market trading in New York Tuesday. The stock closed at a record $1,296.20 on Monday shortly before its earnings were published.
Sales came in at $29.5 billion, excluding payments to distribution partners, Alphabet said in a statement on Monday. Wall Street was looking for $30.04 billion, according to the average of analysts' estimates compiled by Bloomberg.
Lookout, Google, there are many other peeping toms who want a turn looking at our data.
See also: Alphabet had more than $70 billion in market cap wiped out, and it's blaming YouTube
(Score: 3, Insightful) by Anonymous Coward on Tuesday April 30 2019, @08:12PM (1 child)
Given that they came in within 2% of an estimate on a market that fluctuates 15 to 20% daily, I say they nailed it. But enough dumbasses sell the stock because it "failed to achieve expectations" when the expectations are set by a bunch of math illiterates pulling numbers out of their asses. This says nothing at all (good or bad) about Alphabet and more about the idiocy of the buying/selling market.
(Score: 2) by PartTimeZombie on Tuesday April 30 2019, @10:05PM
Yeah, growth slowed. They are still growing just not quite as much as the market decided they should.
The market is wrong quite often, but corrects itself eventually.
Hopefully a bunch of Trustafarians lost their inheritance and your retirement fund will maker a better return as a result.