Alphabet Inc (NASDAQ:GOOG,NASDAQ:GOOGL) shares slumped Friday following an analyst note.
CIT Group Inc. (NYSE:CIT) Wall Street analyst Mark may reported that Google has decreased how much it spend on marketing for its search functionalities.
The move is expected to hurt Alphabet’s revenue total for the ongoing quarter. Search spending is reportedly below spending expectations.
The company expects quarterly revenue to reach $16.85 billion on this period.
GOOG stock is down 2.6% Friday. GOOGL stock is down 2.8%. CIT stock is down 0.9%.
