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Google’s Parent Company ‘Alphabet’ Stock Down 7% Over Slow Ad Growth

Alphabet had 103,549 employees in the first quarter of 2019 — up from 85,050 employees in the same period a year ago

Alphabet, Google’s parent company, saw its stock tumbling 7 per cent after the company suggested that recent ad product changes in YouTube and Search are hurting its top-line growth.

Alphabet reported a revenue of $36.33 billion as profits fell 29 per cent to $6.66 billion, or $9.50 per share, in the first quarter of 2019 on Monday.

The profit was affected by a $1.7 billion fine levied by the European Union on Google for violating the European competition law.

“We delivered robust growth led by mobile search, YouTube and Cloud with Alphabet revenues of $36.3 billion, up 17 per cent versus last year, or 19 per cent on a constant currency basis,” Ruth Porat, Chief Financial Officer of Alphabet and Google, said in a statement.

Also Read- US Lawmakers Draft Bill to Create Rules Governing Online Privacy

“We remain focused on, and excited by, the significant growth opportunities across our businesses,” Porat added.

Later, in an earnings call with analysts, she suggested that recent ad product changes – keeping the interest of users’ privacy in mind — have slowed down mobile clicks on YouTube ads.

The company’s hardware and Cloud businesses saw a 25 per cent increase to $5.45 billion.

Alphabet had 103,549 employees in the first quarter of 2019 — up from 85,050 employees in the same period a year ago. (IANS)

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