“It's clear Google has its work cut out for it in the back half of the year,” said analyst Evelyn Mitchell of Insider Intelligence.Įven so, investors were cheered by the overall tone of Google's remarks. Alphabet Chief Financial Officer Ruth Porat used the term “ad pullback” several times on a conference call with analysts. Advertisers have begun to pull back on spending, exercising caution in an uncertain economic environment. The companies also pointed to growth roadblocks looming in the coming months. The company's earnings also came in light: Profit was $1.21 a share, compared with an estimate of $1.32. And Texas Instruments saw weaker demand for chips in consumer products.Īlphabet missed analysts' estimates for its YouTube and its cloud businesses. The surging US dollar, which reduces the value of foreign sales, is eroding revenue - especially at Microsoft. The three reports reflected underlying resilience, if not outright strength, in four of the industry's main pillars: digital advertising, cloud computing, information-technology spending and chips. “You're looking at an environment where the overall ad spend rates are definitely slowing down, yet Google still was able to deliver above and beyond.” “I would construe this report as a sigh of relief,” Dan Morgan, a senior portfolio manager at Synovus Trust Co., said of Alphabet's results. following their earnings reports last week. An online advertising slowdown had been a particular concern of investors, who dragged down shares of Snap Inc.
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