Google Loses $70 Billion

Credit: Wochit Business
Published on April 30, 2019 - Duration: 00:51s

Google Loses $70 Billion

Alphabet's stock slid by almost 8% in pre-market trading, slashing the market cap of Google's parent company by about $70 billion to $831 billion.

Alphabet reported a 17% rise in first-quarter revenue, its slowest sales growth in three years.

Earnings per share of $11.90 bested consensus forecasts, excluding a €1.5 billion fine ($1.7 billion) by European competition regulators.

Growth in Google's advertising sales and paid clicks slowed, and cost-per-click fell 19%.

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Google Loses $70 Billion

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