Google parent company Alphabet misses 1st-quarter revenue estimates

Small toy figures are seen in front of Google logo in this illustration

Alphabet said that profit in the first-quarter fell 29% to $6.7 billion on revenue that climbed 17% to $36.3 billion.

Speaking of expenses, part of that $29.7 billion number includes a $1.7 billion fine which Google had to pay to the European Commission for infringing on competition laws with AdSense and Google Search.

Google's cost-per-click, which is how much it makes off each advertising click, decreased 19% year over year and increased 5% quarter over quarter. However, earnings per share climbed to $11.90 versus consensus forecasts of $10.53, excluding a €1.5 billion fine ($1.7 billion) by European competition regulators.

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Analysts on average had expected revenue of $37.33 billion, according to IBES data from Refinitiv. "The company was still experiencing tailwinds at this time last year, and is now experiencing headwinds on ad prices, making for a less rosy year-over-year comparison".

Alphabet, the parent company of the internet search giant Google, fell short of Wall Street's revenue targets for its first three months of the year. On Monday, however, Wall Street will take an interest in the company's expanding services portfolio, particularly the Google's Cloud performance and see how it compares to leaders Amazon (AMZN) and Microsoft (MSFT) - both of which have crushed their respective cloud numbers. The Other segment was driven by Google Cloud and Play but brought down slightly by hardware.

The issue for Alphabet, of course, is that its non-Google businesses are just that: Opportunities.

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"One word: Amazon", said Mat Baxter, global chief executive of Initiative, an ad buying agency owned by IPG Mediabrands whose clients include Amazon. Analysts were looking at revenues of $172.2 million.

Alphabet also reported widening losses in its "Other Bets" category - a broad segment that includes experimental ventures such as self-driving vehicle business Waymo and internet-balloon subsidiary Loon.

As usual, however, ads dominate the results, with a 15% rise in ad sales from a year ago, to $30.7 billion. The segment posted an operating loss of $868 million, way up from a $571 million loss a year ago. Digital advertising through the Google search engine, Youtube video-sharing network and other platforms drive its profits. Google continues to be one of two dominant players in digital advertising. On the earnings call Google CEO Sundar Pichai pointed out that "over 70 percent" of Google advertisers are using automated ad products during mention of Google's ML and AI initiatives.

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