Alphabet first-quarter revenue misses estimates

April 29, 2019

(Reuters) – Google-parent Alphabet Inc missed Wall Street estimates for first-quarter revenue on Monday, amid increased scrutiny on the company’s privacy practices and efforts to restrict advertising on potentially offensive content.

The company reported a net income of $6.66 billion, or $9.50 per Class A and B common share and Class C capital share in the three months ended March 31, from $9.40 billion, or $13.33 per share, a year earlier.

The latest quarter results included a $1.7 billion fine by the European Commission for having placed anticompetitive advertising restrictions on websites using its search widgets.

Revenue jumped 16.7 percent to $36.34 billion.

Excluding the fine, the company earned $11.90 per share.

Analysts on average had expected revenue of $37.33 billion, according to IBES data from Refinitiv.

(Reporting by Arjun Panchadar in Bengaluru; Editing by Sriraj Kalluvila)

Comments (No)

Leave a Reply