Google’s pandemic boom may finally be slowing. Google’s parent company, Alphabet, reported an 8% decline in quarterly profit Tuesday, dragged down by slowing growth for advertising on YouTube and search as well as a decline in the value of its investments.
The company posted a net profit of $16.44 billion for the first quarter, compared with a profit of $17.93 billion in the same period a year earlier — the first time the company’s quarterly profit had fallen from the prior year since the second quarter of 2020. Revenue surged 23% to $68.01 billion. The results were below analysts’ expectations for a net profit of $17.33 billion on revenue of $68.05 billion, according to estimates compiled by FactSet.
Shares of Alphabet fell about 4% in after-hours trading.
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