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.
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