Correction: Alphabet had its worst day since 2012 after Google's slowing ad revenue worries investors.
billion. The slide was the worst for Alphabet or Google since October 2012 when the stock dropped 8.01Alphabet's stock began to plunge after hours on Monday on fears of decelerating growth of Google's advertising revenue. The company reported 15% growth in ad revenue for its first quarter of 2019, compared to 24% the previous year. In, analysts complained about what they perceived as the company's lack of transparency around the slowdown.
"Overall, we expect GOOGL shares to be under pressure in the near-term given sub-20% revenue growth & downward earnings revisions. As noted above, the exact drivers of GOOGL's slowing topline are unclear, & we believe frustration around GOOGL's lack of transparency will only increase," J.P. Morgan analysts wrote.
Alphabet CFO Ruth Porat partly blamed deceleration of click growth on YouTube for the slowdown on a call with analysts Monday following the report. "While YouTube clicks continue[d] to grow at a substantial pace in the first quarter, the rate of YouTube click growth decelerated versus what was a strong Q1 last year reflecting changes we made in early 2018, which we believe are overall additive to the user and advertiser experience," Porat said.
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