Alphabet stock rises on 13% revenue growth.
shares rose as much as 4% in extended trading on Tuesday after the company reported earnings for the first quarter, during which the coronavirus spread globally.YouTube advertising revenue: $4.04 billionAlphabet's revenue growth rate slowed to 13% in the quarter from 17% one quarter earlier, according to aAnalysts polled by FactSet had expected $2.81 billion in first-quarter cloud revenue, and analysts polled by StreetAccount had expected $4.14 billion in revenue for the quarter.
Travel companies like Expedia Group and Booking Holdings normally spend heavily on Google search ads, since so many travelers search for trips with terms like "flight to London" or "hotel in San Francisco." But Expedia recently said it normally spends $5 billion on ads, but that it probably "won't spend $1 billion" this year.
Ahead of the report, analysts had expected Alphabet's second quarter to be the worst impacted as advertisers began pulling back toward the end of the first quarter. The company has begun to put some cost-cutting measures in place. Last week, CNBC reported that the company is cutting marketing budgets by as much as half while placing freezes on various parts across the company. It also told employees that it would be pulling back investments on from data centers and educational resources for workers.
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