Coronavirus slows Alphabet growth, drives Google users
Major averages end near session lows despite Alphabet’s earnings report
FOX Business’ Lauren Simonetti says investors are overall optimistic about the future despite some losses on the Nasdaq, S&P 500 and Dow Jones. FOX Business’ Connell McShane reports on Alphabet Inc.’s earnings missed the mark but revenue came out better than expected amid coronavirus.
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Google, YouTube and cloud-based services drove parent company Alphabet to a 13 percent revenue gain, the slowest growth the company has seen in more than four years as the coronavirus pandemic spread around the world.
The tech giant, based in Mountain View, Calif., reported $41.2 billion in revenue, or $33.6 billion after ad commissions, for its quarter that ended March 31, which is slightly better than analysts’ expectations. The company posted $6.84 billion in profit, earning $9.87 per share.
APPLE, GOOGLE UPDATE COVID-19 CONTACT-TRACING SOFTWARE PLANS
“Given the depth of the challenges so many are facing, it’s a huge privilege to be able to help at this time,” CEO Sundar Pichai said in the announcement to investors. “People are relying on Google’s services more than ever, and we’ve marshaled our resources and product development in this urgent moment.”