Alphabet (NASDAQ:GOOG,NASDAQ:GOOGL) unveiled its quarterly earnings results late in the day Monday, amassing a profit that topped expectations and revenue that missed the mark, sending GOOG stock sinking after the bell.
The Mountain View, Calif.-based tech giant said that for its first quarter of its fiscal 2019, it brought in an adjusted profit of $11.90 per share when excluding certain items. Analysts were calling for the business to tally up an adjusted income of $10.61 per share, according to a survey conducted by Refinitiv.
Alphabet added that for its first three months of the year, it brought in sales of $36.34 billion, which was below the $37.33 billion that Refinitiv called for, while also gaining 17% year-over-year. However, this figure was below its 28% growth from the same period in its fiscal 2018.
The company added that its traffic acquisition costs came in at $6.86 billion, which missed the $7.26 billion that Wall Street called for in its consensus estimate, according to a survey conducted by FactSet. Alphabet added that paid clicks on Google properties increased 39%, while the cost-per-click on Google properties slid 19% year-over-year.
The tech organization’s traffic acquisition costs (TAC) came in at $6.86 billion, which is below the Wall Street guidance $7.26 billion. This is a figure that measures payments Google pays to companies such as Apple to be the default search engine on its browser.
GOOG stock increased 1.2% during regular trading hours Monday, then fell 6.2% after the bell.