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Google (GOOGL) Stock Slumps As Weaker YouTube Ad Sales Mar Q1 Earnings: $70 Billion Buyback Addition Softens Blow
By: TheStreet | April 27, 2022

• "We're going to face a tough comp" for search revenues in the second quarter, CFO Ruth Porat told investors last Tuesday.

Alphabet (GOOGL) shares slumped lower Wednesday after the search and ad sales giant posted softer-than-expected first quarter revenues amid a global pullback in ad sales linked in part to Russia's war on Ukraine and increasing competition from China-based TikTok.

Google's bottom line came in at $24.62 per share over the three months ending in March, a tally that missed Street forecasts by around $1.14 and was down 6.7% from last year.

Group revenues also disappointed, even after rising 23% to $68.01 billion, as ad sales were only in-line with the Street at $54.66 billion. YouTube ad sales, however, were well shy of forecasts at $6.9 billion as Google suspended activities in Russia and European clients tightened marketing budgets. TikTok's increasing capture of young audiences for short-form videos was also a factor...

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