The firm said growth in advertising sales slowed to 15 percent from a year earlier.
A pedestrian walks past signage at Google headquarters in Mountain View, Calif. By Greg Bensinger Greg Bensinger Reporter covering algorithms and artificial intelligence Email Bio Follow April 29 at 5:23 PM Google has grown in the public’s imagination through products like its Waymo self-driving vehicles, package-delivering drones, Pixel smartphones and Chrome Web browser. But at day’s end, the business runs on advertising.
That’s why investors punished the Silicon Valley giant for showing cracks in its ad sales for this year’s first quarter. Shares of Google’s parent, Alphabet, tumbled by more than 7 percent in after-hours trading Monday after the firm said growth in advertising sales slowed to 15 percent from a year earlier, compared with 20 percent in the prior quarter and 24 percent a year ago.
The company’s sales also disappointed. Revenue of $36.3 billion in the three months ended March 31 was about $1 billion less than the average estimate from analysts. Facebook, Twitter and Amazon, competitors for marketing dollars, this month all posted sales gains that bested or met analyst expectations.
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