Google-parent Alphabet’s fourth-quarter advertising revenue fell below Wall Street expectations on Tuesday, as high interest rates pressure marketing budgets, sending its shares down 4% in extended trading.
Alphabet has been seeing tough competition for ad budgets, amid mixed economic signals in the United States, from other online platforms such as Facebook, Instagram, TikTok, and Amazon.
The company recorded ad revenue of $65.52 billion in the fourth quarter, compared with $59.04 billion a year earlier. Analysts on average expected ad revenue of $66.06 billion.
Google’s customers have worked to streamline their cloud spending, impacting revenue growth. The company also has various startups as clients, which some investors fear keeps a tight lid on spending.
Revenue for the quarter ended December 31 stood at $86.31 billion, compared with estimates of $85.33 billion, according to LSEG data.
—By Akash Sriram, Reuters
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