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Big News Tuesday July 25, 2017
Alphabet stock falls as company reports steep drop in second quarter profit
Alphabet shares suffered in after-hours trading as the Google parent reported a sharp drop in second-quarter profit from a year earlier. Google was hurt by a huge anti-trust fine worth $2.74 billion by the European anti-trust regulators. Reflecting concerns that revenue growth is going to cost more, Alphabet revealed that its cost-per-click number fell 23 percent. Cost per click is the amount advertisers pay each time a user clicks on an ad provided by Google. The drop was more than the 15 percent drop analysts had expected, due to more search traffic coming from mobile devices. The company’s shares fell as much as 3 percent in after hours trading as the company reported bad performance even on traffic acquisition costs, or TAC. Traffic acquisition costs amounted to $5.09 billion, higher than analyst estimates of $4.75 billion. Addressing a conference call with analysts, Alphabet CFO Ruth Porat said that the shift to mobile search traffic and automated purchases made by ad clients, which is known as programmatic advertising, both carry higher costs...Read more
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