Shares of Alphabet dipped as much as 8% on Wednesday, a day after the company released third-quarter earnings that missed on the top and bottom lines.
Analysts at Bernstein maintained their outperform rating on Alphabet stock but said as Google's ad revenues decelerate, the company has become"increasingly uncomfortable" over the last six months.
"Google is an ad business first, and digital ads is no longer a safe place to hide," they said Wednesday. Raymond James analysts also maintained their outperform rating, citing expectations for long-term ad revenue growth and Google Cloud momentum. The analysts noted Alphabet's plans to slow head count additions, so they"are optimistic that margins can improve by later 2023."
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