Google misses on expectations as YouTube ad revenue comes up short

Google parent Alphabet (GOOG, GOOGL) reported its third-quarter earnings on Tuesday, falling short of analysts’ expectations on the top and bottom line, as YouTube advertising revenue came up $400 million short of estimates.

These are the most important numbers from the report compared to what Wall Street was expecting of the company, as compiled by Bloomberg.

Shares of Alphabet were down nearly 6% following the announcement.

The digital advertising market has been struck by a slowdown in spending in the past few quarters, as companies pull back their budgets amid rising inflation and interest rates.

Alphabet CEO Sundar Pichai. (AP Photo/Eric Risberg)

Social media companies have been especially hammered by the cuts, with Snap reporting a net loss of $360 million and revenue growth of just 6%, its lowest yet. Meta’s Facebook has run into similar headwinds, with the company reporting its first year-over-year decline in revenue in Q2. That company is set to report its Q3 earnings on Oct….

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This article was written by and originally published on finance.yahoo.com