The tech group lost around four percent on the stock exchange after the close of trading.
(Photo: AP)
san francisco Corporate reluctance to advertise online has caused Alphabet’s profits to plummet. Net earnings fell to $13.62 billion from $20.64 billion in the same period last year, the mother of search engine Google and video platform YouTube announced on Thursday.
At the same time, advertising revenue shrank to $59.04 billion from $61.24 billion. Group sales rose to 76.05 from 75.33 billion dollars. However, analysts had hoped for $76.53 billion. Alphabet shares then fell nearly 4 percent in US after-hours trading.
More: The tech group Alphabet wants to cut six percent of its jobs. This was announced by company boss Sundar Pichai in an e-mail to his employees.