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Google Parent Alphabet Posts Mixed Q1 Results After “Significant Slowdown” In Ads
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deadline.comBy Dade Hayes Finance Editor Alphabet, parent company of Google, reported mixed quarterly results Tuesday, falling short of Wall Street profit estimates after a sharp downturn in the last month of the January-to-March quarter.
Total revenue rose 13% to $41.16 billion, well above analysts’ consensus forecast for $40.33 billion. Earnings per share, though, came in at $9.87, below the Street’s target of $10.38. “Performance was strong during the first two months of the quarter, but then in March we experienced a significant slowdown in ad revenues,” CFO Ruth Porat said. “We are sharpening our focus on executing more efficiently, while continuing to invest in our long-term opportunities.” YouTube viewing has surged during the COVID-19 crisis
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