Google parent Alphabet Inc. reported revenue and earnings that fell short of analysts’ expectations, showing the company’s search advertising juggernaut was not immune to a slowdown in the digital ad market. The shares fell more than 6%.
Alphabet said third-quarter sales, excluding payments to distribution partners, was $57.27 billion, falling short of analysts’ average estimate of $58.18 billion, according to projections compiled by Bloomberg. The company reported net income of $1.06 per share. That compared with analyst expectations for $1.25 per share.