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Google Parent Alphabet Drops as Earnings, Sales Miss Estimates

  • YouTube revenue misses, shrinks compared with prior year
  • Performance seen as ‘bad omen’ for digital ad market
Signage outside the Google campus in Mountain View, California. 

Signage outside the Google campus in Mountain View, California. 

Photographer: David Paul Morris/Bloomberg
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After reporting earnings and revenue that missed expectations, Google parent Alphabet Inc. said on Tuesday it would slow hiring and control expenses, signaling that it was girding for tough times ahead as the economy falters. 

Google’s advertising juggernaut, which had largely dodged the digital-ad slowdown that hit rivals earlier this year, is no longer immune. Alphabet said third-quarter sales, excluding payments to distribution partners, were $57.27 billion. That compared with the average analyst projection for $58.18 billion.