Alphabet shares slide on disappointing Google ad revenue

Alphabet CEO Sundar Pichai walks to lunch at the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on July 12, 2023.

David Paul Morris | Bloomberg | Getty Images

Alphabet shares slid more than 4% in extended trading on Tuesday after the company reported ad revenue that missed analysts’ estimates.

Here are the key numbers:

Earnings: $1.64 per share, adjusted, vs. $1.59 per share, adjusted, expected by LSEG, formerly known as Refinitiv.
Revenue: $86.31 billion vs. the $85.33 billion expected by LSEG.

Wall Street is also looking at several other numbers in the report:

Google Cloud: $9.19 billion vs. $8.94 billion expected, according to StreetAccount.
YouTube ads: $9.2 billion vs. $9.21 billion expected, according to StreetAccount.
Traffic acquisition costs: $13.9 billion, vs $14.1 billion, according to StreetAccount.

Alphabet reported its fastest quarter for revenue growth since early 2022, with sales climbing 13% from $76.05 billion a year earlier, the company said in a statement. However, ad revenue of $65.52 billion trailed analyst estimates of $65.94 billion, according to SttreetAccount.

— CNBC’s Jennifer Elias contributed to this report.

WATCH: Google CEO says more job cuts are needed in 2024