by Luzi Ann Santos | moomoo News
Google parent $Alphabet-A (GOOGL.US)$ saw its shares tumble 5.8% in after-market trading as the tech giant reported fourth quarter ad revenue that missed analysts' estimates.
The company reported fourth quarter ad revenue of $65.52 billion, lower than the $65.80 billion average estimate from analysts surveyed by Bloomberg. Total revenue reached $86.31 billion, above the $85.36 billion expected by analysts.
Earnings rose to $1.64 a share in the fourth quarter from $1.05 a year earlier, the company said in a press release. That's better than the $1.59 that analysts were expecting.
The company said it posted a $2.1 billion employee severance and related charges in the year ended Dec. 31, as it slashed its workforce. The tech giant also had exit charges of $1.2 billion in the fourth quarter and $1.8 billion in the 12-month period as it sought to optimize its global office space.