Alphabet publishes lower-than-expected sales, headline declines

(Reuters) – Google’s parent company, Alphabet, on Tuesday reported lower-than-expected first-quarter sales, the first since the start of the coronavirus pandemic, as advertisers cut spending amid growing concerns over the global economic slowdown .

The group’s title fell 6.5% in after-closing trading on Wall Street.

In the January-March period, the tech giant’s ad sales were $68.01 billion, a 23% increase over a year, but an amount less than the consensus that was $68.10 billion, according to Refinitiv.

Alphabet reported a quarterly profit of $16.436 billion, or $24.62 per share, below Wall Street’s expectations of $25.76 per share.

These results reflect the group’s difficulties in the post-health crisis economic phase, which is accompanied by rising interest rates, high delivery costs and raw material shortages.

(Report Nivedita Balu in Bangalore and Paresh Dave in Oakland; French edition Jean Terzien)

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