Google parent company Alphabet Inc. GOOGL has reported Q1 earnings results after Monday's close, with its bottom line coming in stronger than expected -- $11.90 per share vs. $10.57 in the Zacks consensus, and well ahead of the $9.93 per share reported in the year-ago quarter. Revenues, however, were weaker than anticipated at $29.48 billion (after Traffic Acquisition Costs [TAC] of $6.86 billion were subtracted from the headline), compared with the $29.99 billion analysts had been expecting.
Shares for Alphabet had previously been trading at all-time highs, so the post-report pullback of about 5.5% at this hour is selling the news, especially with the company's top-line miss. Elsewhere, Paid Clicks rose 39% year over year while Cost per Click fell 19%. Revenue growth isn't in the league of where Alphabet had been previously, however, up 17% in Q1 2019. TAC revenue appears to have stabilized around 22%.
Also selling off around 5% after the closing bell is Western Digital WDC, the Zacks Rank #4 (Sell)-rated tech storage solutions provider. The company posted earnings of 17 cents per share, down almost 3x the expected 49 cents per share. The San Jose, CA-based company missed its $3.7 billion top-line estimate, bringing in $3.67 billion. This marks the third-straight quarterly miss for Western Digital; before that, the company had not come up short of estimates since Q1 of 2016.
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