Alphabet shares down over 4% as YouTube ad revenue misses estimates

Company's total advertisement revenue, however, increases 11.1% year-on-year

By Ovunc Kutlu

ISTANBUL (AA) - Google's parent company Alphabet's stock price was down more than 4.5% on Wednesday as the tech firm saw its YouTube advertising revenue coming lower than market estimates.

Alphabet stocks were trading at $175.05 per share at 1.13 p.m EDT for a daily loss of 4.66% after they closed Tuesday at $183.60 a share.

Online video-sharing platform YouTube saw an advertising revenue of $8.66 billion in the second quarter, up 13% from $$7.66 billion in the same period of last year, but coming lower than market expectations of $8.93 billion.

Alphabet's total ad revenue increased 11.1% to $64.62 billion, from $58.14 billion, during that period, according to its financial results statement released Tuesday after the stock market closing.

Net income rose to $23.6 billion -- almost a 28.3% increase from $18.4 billion.

Kaynak:

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