Alphabet Inc reported quarterly revenue and earnings that beat expectations on T...
- Alphabet Inc reported quarterly revenue and earnings that beat expectations on Thursday, easing concerns about the short-term growth challenges facing Google, YouTube and the company’s other advertising businesses even as it faces antitrust investigations.
Shares rose nearly 8% to $1,225 following the results in after-hours trade, after closing little-changed in regular Nasdaq trade. In the first quarter, executives said results were affected by exchange rates for foreign currency, competition and an unspecified product change that had boosted results in the year-earlier period.
Ad clicks on Google’s properties rose 6% compared to the first quarter, when they had fallen 9%. The number of ads shown on websites and app with which Google partners held steady compared to last quarter. Intensifying regulatory scrutiny has been a major concern for investors, according to financial analysts. On Thursday, the Texas attorney general’s office announced that a bipartisan group of state attorneys general is weighing a range of antitrust actions against big tech companies. [nL2N24Q1N8]
But speculation also has mounted about how a series of other challenges could be combining to slow the company. The online ad industry has matured in some countries faster than it is growing in developing ones. Google is running into new privacy laws and technologies affecting its ability to charge the typical premium on some ads.
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