Google set to lose more than $70 billion off its value after 'nasty combination' of slowing ad traffic and drop in sales per click
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.Earnings per share of $11.90 bested consensus forecasts, excluding a €1.5 billion fine by European competition regulators.George Salmon, an equity analyst at Hargreaves Lansdown, said it's"a nasty combination of growth in traffic to Google ads slowing and lower revenue per click from those ads that's upset the market.
Google's advertising revenue rose by 15% to $30.72 billion, a sharp slowdown from 24% growth a year ago,. Paid clicks rose 39%, a significant decrease from 59% year-on-year growth in the first quarter of 2018. Cost-per-click also fell 19%, after sliding 19% in the same period of 2018.
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