We lowered our price target for Alphabet following a poor set of Q3 results – CNBC
Alphabet (GOOGL) reported weaker-than-anticipated third-quarter results Tuesday night on the back of a strong U.S. dollar and a slowdown in advertising spending. The news prompted the Club to lower our price target for the Google parent to $130 a share. Total revenue of $69.1 billion represented a year-over-year increase of about 6%, but missed analysts’ estimates of $70.58 billion, according to Refinitiv. The strong dollar was a 5-percentage point headwind to revenue growth, meaning revenues increased 11% on a constant-currency basis, the company said. Adjusted earnings-per-share fell by more than 24% year-over-year, to $1.06 a share, well below the Wall Street consensus estimate of $1.25 a share, Refinitiv data showed. Bottom line This was a poor set of quarterly results from Alphabet, as the strong U.S. dollar and a pullback in some advertising spending resulted in one of the slowest revenue-growth rates the company has seen in years. Even Google Search, the greatest advertising…
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source: https://news.oneseocompany.com/2022/10/25/we-lowered-our-price-target-for-alphabet-following-a-poor-set-of-q3-results-cnbc_2022102534325.html
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