Unexpected drop in YouTube's Q3 revenue leads to a crash in Alphabet shares

Thanks in part to an unexpected decline in YouTube revenue during the third quarter, shares of Google parent Alphabet are plunging.

Instead of a 3% rise in revenue for YouTube as Wall Street analysts forecast, the streaming video site saw its gross drop by 1.9% on an annual basis during the third quarter. This, plus lower-than-expected top and bottom line figures, led the shares of Google parent Alphabet to plunge by $9.25 or 8.85% to $95.23 in Wednesday afternoon trading.

Overall, Google's advertising revenue for the period was $54.48 billion, a gain of 2.5% from the $53.13 billion in advertising revenue collected by the company during 2021's third quarter. Google's Chief Business Officer Philipp Schindler said that spending on search ads for sectors like insurance, loans, mortgage, and cryptocurrencies had fallen during the quarter.The cost to acquire traffic tosites rose slightly to $11.83 billion for the third quarter of 2022.

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