Alphabet reports miss on earnings and revenue

Alphabet reported weaker-than-expected earnings and revenue for the first quarter on Tuesday. The stock slid more than 5% in extended trading.

Here are the results:

Earnings per share (EPS): $24.62 per share, vs. $25.91 expected, according to RefinitivRevenue: $68.01 billion, vs. $68.11 billion expected, according to RefinitivYouTube advertising revenue: $6.87 billion expected vs. $7.51 billion expected, according to StreetAccountGoogle Cloud revenue:  $5.82 billion vs. $5.76 billion expected, according to StreetAccountTraffic acquisition costs (TAC): $11.99 billion vs. $11.69 billion expected, according to StreetAccount

Google's revenue came in at $68.01 billion, growth of 23% from the same period last year. That's a slowdown from 34% growth in the first quarter of 2021, when the economy was reopening from the pandemic.

The company reported $54.66 billion in advertising revenue for the quarter — up from $44.68 billion the year prior.

YouTube ad revenue for the quarter fell short of analyst expectations, reporting $6.87 billion compared to the $7.51 billion expected. The video site was a particular beneficiary of the pandemic, when users were primarily at home on their devices. It also comes as TikTok captures a growing share of the social media video market.

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