Google parent's shares dive as YouTube changes, competition hurt revenue

Alphabet (GOOGL) 1st Quarter Earnings: What to Expect

The company's revenue also saw slowing growth in the quarter after it rose 21.6% YoY (year-over-year) in the fourth quarter of 2018. Its "other revenues" operations, which includes Google's hardware business (phones, speakers, laptops, etc.) and its cloud services business, delivered $5.45 billion in revenue, a 25% uptick from previous year. Excluding the EC fine, Alphabet said earnings were $11.90 per share.

Alphabet Chief Financial Officer Ruth Porat told analysts the company was experimenting with its ad products as users grow reliant on mobile devices and that it was seeing revenue volatility as a result.

Quarterly costs rose about the same as revenue, up 16.5% from a year ago, to $29.7 billion. Excluding the fine, Alphabet's net income was $8.4 billion-still lower than its net profit of $9.4 billion in the same quarter previous year.

Alphabet's net earnings included a one-time $1.7 billion fine issued by the European Union for anti-competitive advertising practices. At one point, the company's market capitalization sank below $822 billion, a decline of roughly $75 billion, according to Dow Jones Market Data. Wall Street will focus on the "other revenues" category, which includes, among other things, Google's cloud business and its self-driving vehicle segment Waymo, which the company has been working to monetize. On Monday investors will want to see how much farther Google can distance itself from its competitors. The company doesn't break out YouTube and cloud revenue, but the two are important sources of future growth.

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On top of a series of announcements at Cloud Next, in particular aimed at companies that want to use Google's cloud in conjunction with their own data centers in a "hybrid" or multicloud arrangement, Google today announced that Nvidia Corp.'s powerful T4 graphics processing unit chips for machine learning and other demanding computing workloads are now available for use in eight cloud regions. Amazon and Microsoft are well ahead of Google in the cloud market. Analysts were looking at revenues of $172.2 million. That's a nice increase from the $26.6 billion from the same quarter previous year. Losses grew to $868 million from $571 million a year ago.

Analysts said the "lack of transparency" over the cause of the slowdown was frustrating for both them and investors. Digital advertising through the Google search engine, Youtube video-sharing network and other platforms drive its profits.

Google CEO Sundar Pichai reiterated those remarks, saying that the entire industry was facing "year-on-year headwinds".



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