Google parent Alphabet's revenue misses estimates, rises at slowest pace in three years
- Alphabet Inc’s Google failed to reap the benefits of a strong economy that bolstered rivals in the first quarter as the leading internet ad company faced increased competition in its search and hardware businesses and suffered from disruptive changes at YouTube.
Alphabet Chief Financial Officer Ruth Porat told analysts the company was experimenting with its ad products as users grow reliant on mobile devices and that it was seeing revenue volatility as a result. Sales of Google’s Pixel phones also struggled amid intense competition in the premium smartphone market, she said.
The 17 percent rise was the slowest in three years and compared with 26 percent for the same quarter a year earlier. About 84.5 percent of revenue, compared with 85.5 percent a year ago, came from Google’s ad business, which sells links, banners and commercials across its own websites and apps and those of partners.
Alphabet has said its spending increases are justified, with huge outlays going to offices, data centers and artificial intelligence capabilities in line with the expected demand for its services. And Google’s costs could jump further if governments globally follow through on growing threats to rein in the ability of apps to track users for advertising purposes. Other regulators have discussed forcing companies to step up monitoring of user content.
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