Google’s Parent Company Sees Drop After Missing on Revenues

Shares of Alphabet were moving lower on Monday after the company reported financial results and revealed that it had missed on revenues.

Shares were falling 3% after the company reported first quarter results. For the quarter, Alphabet reported earnings per share of $11.90 (excluding the EU fine) while analysts expected $10.61 according to Refinitiv. Revenue at $36.34 billion was a miss compared to the $37.33 billion that was expected.

Alphabet had a recent $1.7 billion antitrust fine by the European Commission.

“We delivered robust growth led by mobile search, YouTube, and Cloud with Alphabet revenues of $36.3 billion, up 17% versus last year, or 19% on a constant currency basis,” said Ruth Porat, Chief Financial Officer of Alphabet and Google, in a statement. “We remain focused on, and excited by, the significant growth opportunities across our businesses.”

Shares of the stock are still up 24% so far this year.

Disclaimer: We have no position in Alphabet Inc Class A (NASDAQ: GOOGL) and have not been compensated for this article.