REUTERS: Alphabet Inc’s Google failed to reap the benefits of a strong economy that bolstered rivals in the first quarter, leaving the search giant’s revenue below Wall Street targets on Monday.Shares of Alphabet dropped more than 5 percent after hours after closing up 1.5 percent at a record-high of US$1,296.20.Major competitors for ad spending such as Facebook Inc, Snap Inc, Amazon.com Inc and Twitter Inc all reported last week quarterly revenue above or in line with analysts’ expectations.Alphabet said its quarterly revenue rose 17 percent from a year ago to US$36.3 billion, compared with Wall Street’s average estimate of US$37.3 billion, according to IBES data from Refinitiv. Accounting for currency fluctuations, revenue rose 19 percent.The 17 percent rise was the slowest in three years and compared with 26 percent for the same quarter a year earlier. The company said paid clicks on its properties fell 9 percent compared with the previous quarter.Quarterly costs rose about the same as revenue, up 16.5 percent from last year to US$29.7 billion.Expenses have surged faster than revenue for much of the past two years, concerning some investors amid increased scrutiny on the company’s privacy practices and efforts to restrict advertising on potentially offensive content.But positive… Read full this story
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