Alphabet narrowly missed forecasts for growth in its advertising business, sending its shares down as much as 5.5 per cent in after-hours trading and overshadowing a strong final quarter of the year.
Advertising revenue for the fourth quarter of 2023 grew 11 per cent to $65.5bn, the technology giant said on Tuesday, slightly below analysts’ $66bn consensus forecast. Ad revenue on YouTube, which hit 70bn daily views, grew almost 20 per cent to $9.2bn.
Ad revenue accounts for almost 80 per cent of Alphabet’s top line. The business has returned to growth in the past three quarters as business confidence has improved following clearer signals from the Federal Reserve that interest rates have peaked and could be cut as soon as March.
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