Alphabet said that profit in the first-quarter fell 29 percent to $6.7 billion on revenue that climbed 17 percent to $36.3 billion. Alphabet's shares fell about 7% in after-hours trading.
Quarterly costs rose about the same as revenue, up 16.5% from a year ago, to $29.7 billion. Alphabet posted a slight earnings beat, with earnings per share of $11.90 against an expected $10.61.
Alphabet's expenses included a $1.7 billion fine from the European Commission for having placed anticompetitive advertising restrictions on websites using its searches.
Alphabet - which also owns YouTube, Waymo and DeepMind - reported a 17% rise in revenue to $36.34 billion, its slowest sales growth in three years. "The market is focusing today, obviously not on the earnings, but rather on the revenues and saying, 'Hey they're losing.' Part of the issue is that Facebook had such a good revenue quarter even with all their problems, so I don't think anybody expected Google to miss".
Google has had a tough first quarter in 2019.
Alphabet's capital expenditures fell 36 per cent compared with previous year to $4.6 billion.
Alphabet executives deflected concerns of growing competition on a conference call with analysts Monday, instead suggesting that fluctuating currency rates and changes to Google ad products during the quarter led to the slowdown. Ad revenue grew at its slowest rate since 2015. That dip could shave more than $65 billion from Alphabet's market value if it holds when the markets open Tuesday.
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Investments in digital content offerings through YouTube would also go up.
Google's cloud computing operation trails far behind market leaders Amazon Web Services Inc. and Microsoft Corp. - both of which saw strong cloud revenues in quarterly results reported last week - and it's still a small portion of Google's advertising-focused revenue.
Paid clicks on Google properties: +39%.
Still, the company has yet to tout significant revenue from its spending on ventures such as self-driving cars and its AI helper Google Assistant.
Alphabet also reported that what it calls "Other Bets", which include its self-driving vehicle startup Waymo and health venture Verily, had $170 million in revenues, up from $150 million a year ago.
"Google Cloud Platform remains one of the fastest growing businesses in Alphabet with strong customer momentum reflected in particular in demand for our compute and data analytics products."That slowdown in growth in what is by far its largest business dominated analysts' questions on the conference call, and the stock swoon after-hours indicates they're anxious it could continue. Losses grew to $868 million from $571 million a year ago. But Alphabet said that the growth of its cloud and Play business was partially offset by weak hardware sales.