Shares in Google parent Alphabet fell nearly 5% in after-hours trading Thursday, after the tech giant said it missed revenue and earnings estimates for the fourth quarter.
: Alphabet and its stock thrived during the pandemic. Now, an ad slowdown and its big investment in headcount are challenging its earnings growth just as it's entering a new phase of competition with Microsoft and others in AI.
"We have significant work underway to improve all aspects of our cost structure, in support of our investments in our highest growth priorities to deliver long-term, profitable growth," CFO Ruth Porat wrote in a letter to investors.YouTube advertising was down more than 7% last quarter compared to the same quarter the previous year, causing Alphabet's overall revenue growth for the quarter to drop to just 1% year over year.
It also expects to take a roughly $500 million loss related to reduced office space plans this quarter.
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