Quarterly profit was $16,436 million, or $24.62 per share, also less than expectations of $25.76 per share.
“Results were lower than expected. Net sales were expected to be US$68.110 million. Earnings Per Share was US$24.62 vs. US$25.91 expected, and against u$s26.29 from a year ago”, remarked Juan Ignacio Abuchdid, CEO of the IEB Group.
According to analysts, “Google is struggling in the last economic phase of the pandemic, which is bringing with it higher interest rates, higher transportation costs and shortages of products, from sofas to baby food.”
The company is expected to grab 29% of the $602 billion global online ad market by 2022, marking its 12th consecutive year at the top, according to a report by Insider Intelligence.
While Alphabet shares are down more than 17% this year, they are up almost 90% in the past two years.
Alphabet has bought back more than $81 billion worth of shares in the past two years and on Tuesday said its board had authorized a further $70 billion in buybacks.
Source: Ambito
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