Sundar Pichai speaks onstage during the first day of Vox Media’s 2022 Code Conference in Beverly Hills, California.
Jerod Harris | Getty Images Entertainment | Getty Images
Alphabet shares dropped in extended trading on Tuesday after the company reported weaker-than-expected earnings and revenue for the third quarter.
- Earnings per share (EPS): $1.06 vs. $1.25 expected, according to Refinitiv estimates.
- Revenue: $69.09 billion vs. $70.58 billion expected, according to Refinitiv estimates.
- YouTube advertising revenue: $7.07 billion vs $7.42 billion, according to StreetAccount estimates.
- Google Cloud revenue: $6.9 billion vs $6.69 billion, according to StreetAccount estimates
- Traffic acquisition costs (TAC): $11.83 vs $12.38, according to StreetAccount estimates
Revenue growth slowed to 6% from 41% a year earlier as the company contends with a continued downdraft in online ad spending. Other than one period early in the pandemic, it’s the weakest period for growth since 2013.
YouTube ad revenue slid about 2% from $7.21 billion a year ago to $7.07 billion. Analysts were expecting an increase of about 3%. Alphabet reported overall advertising revenue of $54.48 billion during the quarter, up slightly from the prior year.
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This article was originally published by Cnbc.com. Read the original article here.