Alphabet Quarterly Results Underwhelm Investors

Google owner Alphabet misses sales forecasts

Google's ad team makes about 100 tweaks to the product each quarter, Pichai said, adding that planned changes would include artificial intelligence and machine learning-two buzz words that many executives now use when trying to reassure skeptical investors. Alphabet delivered slightly below target with $29.45 billion in revenue excluding TAC.

Wall Street had been expecting Alphabet to report revenue of $37.3 billion.

While Google's business did not actually shrink, the slowing growth suggests this may be the destination in the future. On a conference call after the results, analysts repeatedly asked for more details, to the point where Ross Sandler from Barclays said he was beating a "dead horse" by asking again.

Greg Sterling is a Contributing Editor at Search Engine Land. Finally, Alphabet said Thomas Kurian, a former Oracle executive who was hired to run Google Cloud late past year, has "hit the ground running". "A lot of the low-hanging fruit has long since been plucked".

Google planned to continue investing heavily in data centers, engineers, and digital content for streaming video offerings at YouTube. Along with Facebook, it commands the lion's share of digital advertising and possibly all of its growth in aggregate versus the other players.

"Nearly half of ad budgets in the US are still spent offline", Porat said. Paid clicks increased 39 percent year-over-year but decreased 9 percent sequentially.

Cost-per-click on Google properties: -19%. Ruth Porat, CFO for Google, said to investors that sales of the Pixel 3 and Pixel 3 XL during Q1 2019 were significantly less than Q1 a year ago.

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Shares fell as much as 7 percent after hitting an all-time high in intraday trading.

Shares of Google parent Alphabet (GOOG, GOOGL) have opened 2019 on a strong note, climbing 22% year to date, besting the 17% rise for the S&P 500 Index. That's down from 85.5% a year ago. Google's network revenue rose, while the Google Cloud platform and Google Play were both highlights.

Revenue jumped 16.7 per cent to US$36.34 billion.

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

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

Amazon's digital advertising franchise has grown into the third largest in the USA, trailing only Google and Facebook, EMarketer estimates. It's also an increase of 17% compared to this time last year, making it the slowest increase in the last three years.

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