×
74 418
Fashion Jobs
DECKERS
Full Time Stock Lead, Deckers Brands
Permanent · VENTURA
JCREW
Analyst - Information Security
Permanent · New York
BLOOMINGDALE'S
Manager, Sales - Jewelry/Fashion Access
Permanent · New York
SACK OFF 5TH
Asset Protection Door Guard
Permanent · LAWRENCEVILLE
SACK OFF 5TH
Asset Protection Investigator
Permanent · HANOVER
SACK OFF 5TH
Asset Protection Supervisor
Permanent · LIVERMORE
SACK OFF 5TH
Asset Protection Investigator
Permanent · ORLANDO
UNDER ARMOUR
Stock Lead, pt
Permanent · ELLENTON
UNDER ARMOUR
Stock Teammate, Part-Time 5am-1pm Shift, $16.75 Per Hour
Permanent · LIVERMORE
THE REALREAL
Single Market Sales Account Executive (Single Market Luxury Manager)
Permanent · West Chester
TO THE MARKET
Import Logistics Manager
Permanent · LEXINGTON
FABLETICS
Assistant Stylist/Product Coordinator
Permanent · EL SEGUNDO
URBN
Anthropologie Senior Manager, CRM
Permanent · PHILADELPHIA
URBN
sr Events Manager (m&v)
Permanent · DEVON
NEIMAN MARCUS
Loss Prevention Investigator
Permanent · Denver
UNDER ARMOUR
Stock Teammate, Part-Time, 5am Tuesday-Saturday Shift, $15.25 Per Hour
Permanent · SAN DIEGO
UNDER ARMOUR
Stock Lead, ft
Permanent · GRAPEVINE
BLOOMINGDALE'S
Asset Protection Detective, Full Time - Aventura
Permanent · MIAMI
BLOOMINGDALE'S
Manager, Sales - Chanel Shoes
Permanent · NEW YORK
OLD NAVY
General Manager - Hiram Pavilion
Permanent · HIRAM
OLD NAVY
Assistant General Manager - Tysons Corner Center
Permanent · TYSONS
OLD NAVY
General Manager - Arbor Place
Permanent · DOUGLASVILLE
By
Reuters API
Published
Oct 29, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Alphabet third-quarter profit misses estimates

By
Reuters API
Published
Oct 29, 2019

Google parent Alphabet Inc missed analysts' estimates for quarterly profit on Monday as it reported its highest-ever quarterly expenses, sending shares down about 1.7% even though revenue growth topped expectations.


Reuters


Google provides limited product-level financial disclosures, leaving investors increasingly uncertain about how pressures including regulatory scrutiny, advertiser boycotts and global trade tensions are affecting operations.

Alphabet shares have underperformed relative to some peers, rising 17% in the last 12 months entering Monday, compared with a 33% gain for Microsoft and 29% for Facebook .

Alphabet shares fell 1.7% in after-hours trade to $1,267.60.

Google has tried to demonstrate that its cloud-computing business is roaring, disclosing last quarter about $2 billion (£1.56 billion) in revenue and saying that plans continued to hire thousands for that unit to stoke growth. It also has tried to reassure investors that there is no weakness in its YouTube video unit, while expressing confidence in its business overall through share buybacks.

But cash continues to be spent on other businesses such as hardware and dealing with the clashes with regulators. Total expenses were $31.3 billion, about 25% higher than a year ago and topping the previous high of $31.1 billion in the 2018 fourth quarter.

Google in the third quarter acknowledged investigations by the U.S. Congress, Department of Justice and 48 states into the company's competitive practices. It settled a privacy investigation by the Federal Trade Commission.

It also got an additional 90-day reprieve from an export ban that would restrict its relationship with Chinese smartphone maker Huawei, one of its top partners in distributing mobile apps.

Google has said it is cooperating with the increased scrutiny, while saying that it has survived calls for increased regulation many times.

Alphabet, which generates about 85 percent of its revenue from sales of ad space and ad technology, reported total third-quarter revenue of $40.5 billion. That was up 20% over last year and compared with 19% growth in the second quarter. Analysts on average estimated 19.52% growth and $40.325 billion in revenue, according to IBES data from Refinitiv.

Net income for the third quarter rose to $7.1 billion, or $10.12 per share, compared with analysts' estimates of $8.811 billion, or $12.44 per share.

The operating margin was 23%, down from 24% in the second quarter.

Shares of Google closed 1.95% higher in regular trade on Monday. The shares earlier had risen about 2% after Reuters, citing sources, reported Google had made an offer to acquire U.S. wearable device maker Fitbit Inc .

© Thomson Reuters 2023 All rights reserved.