A drop in digital ad spending is hurting everywhere.
Google’s parent company, Alphabet, reported less-than-expected numbers during the company’s third-quarter investor call. Alphabet’s earnings per share were lower than analysts at Refinitiv had estimated, with the company reporting $1.06 vs. $1.25 expected. Overall revenue was down, with Alphabet reporting a revenue decline of 6%, and YouTube dropping 2%, making up $7.07 billion. On the other hand, Google Cloud performed well in Q3; the platform exceeded analysts’ expectations with a reported $6.9 billion in revenue but also accounted for $699 million in losses. Alphabet shares dropped almost 7% to $97.6 in after-hours trading.
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