US$800mln wiped from Alphabet"s market value as first-quarter results disappoint"

Google owner Alphabet misses sales forecasts

Alphabet shares fall as Google's parent company suffers from changes at YouTube

Alphabet Inc., parent company of Google, reports financial results on Monday, April 29, 2019.

The company reported a quarterly net income of $6.7bn (£5.2bn) last night, down from $9.4bn a year ago.

"While YouTube clicks continue to grow at a substantial pace in the first quarter, the rate of YouTube click growth rate decelerated versus a strong Q1 past year, reflecting changes that we made in early 2018, which we believe are overall additive to the user and advertiser experience", Porat said. The company's digital advertising franchise has grown into the third largest in the USA, trailing only Google and Facebook, eMarketer estimates.

Historically, Alphabet has had a number of quarters where revenue growth decelerated significantly more, such as 2012-2013, and also 2015-2016. Alphabet shares dropped more than 7% in after-hours trading.

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Analysts polled by FactSet on average had expected the company to post a profit of $10.53 a share before the recent fine.

Meanwhile, first-quarter sales in Amazon's "other" segment, which is mostly advertising, increased 34 percent to $2.72 billion, the online retailer said last week.

Google advertising revenue rose by 15% to $30.7bn, down on 24% growth a year earlier.

Revenue gained almost 17% over the same period a year ago to reach $36.34 billion. Plus, the company's revenue grew by 18.6% in the last quarter alone. "We remain focused on, and excited by, the significant growth opportunities across our businesses".

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Q1 EPS (GAAP): $US9.50 (including a $US1.7 billion European Union fine), compared with $US10.10 expected by analysts.

The latest fine imposed by Brussels cited Google's AdSense advertising service, saying it illegally restricted client websites from displaying messages from ad service rivals. Growing expenses has been a trend or Alphabet for the last two years, and understandably so, is causing concern with some investors. Facebook is expected to follow with a 20.2 per cent share of that pie.

However, Alphabet earned $11.50 a share before a $1.7 billion fine by European regulators charged to the quarter.

Newer units that are producing noticeable revenue have lagged in market share, including Google's consolidated hardware unit and Google Cloud, which sells computing and data storage services to businesses.

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