Alphabet (Earnings per share: $1.21 vs $1.28 expected) (Revenue: $69.69 billion vs $69.9 billion expected)

$Alphabet-A (GOOGL.US)$ $Alphabet-C (GOOG.US)$ Alphabet reported earnings after the bell. Here are the results.
Earnings per share (EPS): $1.21 vs $1.28 expected, according to Refinitiv Revenue: $69.69 billion vs $69.9 billion expected, according to Refinitiv Wall Street is also watching other key numbers in the Alphabet report:
YouTube advertising revenue: $7.52 billion expected, according to StreetAccount Google Cloud revenue: $6.41 billion expected, according to StreetAccount Traffic acquisition costs (TAC): $12.41 billion expected, according to StreetAccount Alphabet is expected to report a slowing of revenue growth to 13% from 62% a year earlier, when the company was pulling out of the pandemic and the economy was flourishing.
Recently, analysts have lowered their estimates for second-quarter earnings to account for broad economic challenges now facing advertisers.
Alphabet finance chief Ruth Porat warned Wall Street in April that the company may be in for another rough quarter after missing analysts expectations on the top and bottom lines for the first period. She cited the Russia-Ukraine war, tough comparisons from the prior year’s growth and competition from rivals like TikTok.
$Snap Inc (SNAP.US)$ soured the mood for ad-tech last week, when the social media company reported disappointing results on the top and bottom line and said “forward-looking visibility remains incredibly challenging.” The stock plunged 39% and pulled down other ad-tech stocks. $Meta Platforms (META.US)$ , which is set to report results on Wednesday, dropped more than 7%.
There’s also potential regulatory action from lawmakers related to Google’s dominant search business. The Wall Street Journal recently reported that a new antitrust lawsuit over Google’s ad-tech business could come as soon as this summer. And Google faces lawsuits from coalitions of state attorneys general tied to concerns around privacy and monopoly control.