5 Much-Awaited Earnings Reports to Watch

2. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 158

Shares of Alphabet Inc. (NASDAQ:GOOG) plummeted to a nearly one-year low in the pre-market trading session on Wednesday, April 27, 2022, after posting weak financial results for the first quarter. The results were partly weighed down by the suspension of ad sales in Russia.

Alphabet Inc. (NASDAQ:GOOG) reported adjusted earnings of $24.62 per share, compared to $26.29 per share in the same quarter of the prior year. Revenue for the quarter jumped 23 percent on a year-over-year basis to $68.01 billion. However, the results missed analysts’ average estimate of $25.91 per share for earnings and $68.11 billion for revenue.

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Alphabet Inc. (NASDAQ:GOOG) also released the sales results of its flagship segments. Its YouTube ad revenue increased to $6.9 billion, from $6 billion last year but missed the consensus of $7.51 billion. The company’s video business is facing intense competition from rival apps such as TikTok.

On the bright side, Alphabet Inc. (NASDAQ:GOOG) reported that Google Cloud revenue climbed 44 percent on a year-over-year basis to $5.82 billion, topping estimates of $5.76 billion. In addition, revenue from the Google Search & other segment rose 24.3 percent versus last year to $39.62 billion.