Alphabet, the parent company of giant Google Google, fell short of Wall Street's revenue targets for its first three months of the year, and the stock is down 5% in after hours trading on Monday.
"We delivered robust growth by alphabet, $ 36.3 billion, up 17% versus last year, or 19% on a constant currency basis," said Ruth Porat, chief financial officer of Alphabet and Google said in a statement on Monday.
A slowdown in Google's revenue could be reason for the missed targets. 15% year-over-year in Q1 2019, compared to 24% year-over-year growth rate in Q1 2018.
Here's what Alphabet reported:
Net Revenue (excluding TAC) : $ 29.48 billion, up 1
Q1 EPS (GAAP): $ 9.50, (including a $ 1.7 billion EU fine) compared with $ 10.10 expected by analysts.
Other bets revenue: $ 170 million, compared with $ 150 million last year.
Other bet operating loss: ($ 868) million, versus ($ 571) million last year.
Traffic acquisition costs (TAC): $ 6.86 billion, or 22% of advertising revenue, compared with 24% of advertising revenue during last year.
Google's capital expenditures: $ 4.6 billion, compared to $ 7.3 billion during the same period last year.
Employees: 103,459, adding more than 4,600 employees to their payroll in the first quarter.