Alphabet reported weaker-than-expected earnings and revenue for the first quarter on Tuesday. The stock slid about 3% in extended trading.
Here are the results:
Earnings per share (EPS): $24.62 per share, vs. $25.91 expected, according to Refinitiv
Revenue: $68.01 billion, vs. $68.11 billion expected, according to Refinitiv
YouTube advertising revenue: $6.87 billion vs. $7.51 billion expected, according to StreetAccount Google Cloud revenue: $5.82 billion vs. $5.76 billion expected, according to StreetAccount Traffic acquisition costs (TAC): $11.99 billion vs. $11.69 billion expected, according to StreetAccount
Google’s revenue came in at $68.01 billion, growth of 23% from the same period last year. That’s a slowdown from 34% growth in the first quarter of 2021, when the economy was reopening from the pandemic.
The company reported $54.66 billion in advertising revenue for the quarter — up from $44.68 billion the year prior.