The daily business briefing: April 30, 2019

Alphabet shares drop as Google ad growth slows, Trump sues to block Deutsche Bank from complying with subpoenas, and more

Google ad growth stalls
(Image credit: Lionel Bonaventure/AFP/Getty Images)

1. Alphabet shares sink after ad revenue growth slows

Alphabet shares fell by 7.5 percent in after-hours trading after Google's parent company reported quarterly earnings and revenue that fell short of Wall Street's expectations. Google's big competitors for ad sales, including Facebook, Snap, Amazon, and Twitter, all reported quarterly revenue that met or beat expectations. Alphabet, however, reported a quarterly revenue increase of 17 percent to $36.3 billion, falling short of an average estimate of $37.3 billion, according to IBES data from Refinitiv. In the same quarter last year, Alphabet reported a 26 percent increase in revenue. The company's quarterly costs rose at nearly the same pace as revenue.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.