Shares of Google parent company Alphabet (GOOGL) - Get Alphabet Inc. Class A Report were down more than 5% after hours Monday after the Mountain View, Calif.-based company reported mixed first quarter results with revenue missing Wall Street expectations.
TheStreet is live blogging Alphabet's first-quarter earnings report and call. Please join us!
The company reported first quarter revenue of $36.34 billion, yielding earnings of $11.90 per share. Analysts polled by FactSet were expecting the company to report revenue of $37.3 billion yielding earnings of $10.60 per share. Both those EPS figures backed out the impact of a large fine imposed by the EU that Alphabet said it would be booking this quarter.
"We delivered robust growth led by mobile search, YouTube, and Cloud with Alphabet revenues of $36.3 billion, up 17% versus last year, or 19% on a constant currency basis," said Ruth Porat, Chief Financial Officer of both Alphabet and Google. "We remain focused on, and excited by, the significant growth opportunities across our businesses."
Net income for the period fell sharply from the previous year, with the company reporting a profit of $6.66 billion in the just-concluded quarter after reporting a profit of $9.4 billion a year ago.
The $1.7 billion fine levied by the EU was for skirting EU antitrust practices and abusing its dominant position in online advertising to hurt competitors.
Revenue for the period was light by nearly $1 billion, sending the stock tumbling Monday afternoon.
Google is a key holding in Jim Cramer's Action Alerts PLUS charitable trust.