Google-parent Alphabet reported its worst fourth-quarter revenue growth since 2015, missing analysts' estimates
) new Chief Executive Sundar Pichai unveiled sales figures that investors have long demanded, but shares fell 5% as Google’s advertising business and the new data about YouTube and Google Cloud broadly disappointed.
Divulging 53% quarterly revenue growth for Google’s cloud services compared with a year ago meant it grew slower than the business it is trying to catch up to, Microsoft Corp’s Azure. It reported a 62% quarterly rise in sales last week, or 39% when considering some cloud services Microsoft sells through other units.
“We continue to be very focused on the benefit from better measurement, better ad delivery, better user experience,” Alphabet Chief Financial Officer Ruth Porat responded to an analyst. “But there will be variability over time because we’re very focused on what’s in the right long-term interest.”“The stock was priced for perfection, and a top-line miss was enough to send it lower,” said Michael Pachter, analyst at Wedbush Securities.
Alphabet’s overall sales in the fourth quarter were $46.08 billion, up 17%, compared with an average estimate of $46.94 billion among financial analysts tracked by Refinitiv. For the fourth quarter, Alphabet’s total costs and expenses rose 18.5% from a year ago to $36.809 billion.Alphabet’s fourth-quarter profit was $10.67 billion, or $15.35 per share, compared with the analysts’ average estimate of $8.787 billion, or $12.53 per share.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alphabet shows YouTube, Google Cloud sales amid disappointing results - Business InsiderAlphabet disclosed YouTube and Google Cloud revenue for the first time. But the new details couldn't hide a disappointing report.
Read more »
YouTube ad revenue hit $15 billion in 2019, Google reveals - Business InsiderFINALLY: Google just revealed YouTube's ad revenue, 14 years after acquiring it, and the video site brought in $15 billion last year
Read more »
Google Parent Posts Disappointing Earnings but Discloses New YouTube, Cloud DetailsAlphabet posted lower than expected revenue but pulled back the curtain on some of its operations outside of search, for the first time disclosing results in areas including YouTube and cloud computing.
Read more »
YouTube, Google won't allow deepfake videos for 2020 election, census
Read more »
Google still isn't telling us about a key metric for YouTube and cloud: profitsAlphabet disclosed YouTube and cloud revenue for the first time on Monday, but investors looking for the bottom-line numbers are still out of luck.
Read more »
YouTube ad revenue was 9x more than Google paid to buy it - Business InsiderGoogle paid $1.65 billion in 2006 to acquire YouTube — which had around 65 employees — and called it 'the next step in the evolution of the Internet.'
Read more »