Alphabet misses on earnings and revenue for second quarter

Google CEO Sundar Pichai speaks during the Google I/O keynote session at Shoreline Amphitheatre in Mountain View, California on May 7, 2019.

Revenue and earnings were lower than expected. The stock went up in extended trading.

The company did what it was supposed to.

• Earnings per share (EPS): $1.21 vs $1.28 expected, according to Refinitiv
• Revenue: $69.69 billion vs $69.9 billion expected, according to Refinitiv

• YouTube advertising revenue: $7.34 billion vs.$7.52 billion expected, according to StreetAccount
• Google Cloud revenue: $6.28 billion vs. $6.41 billion expected, according to StreetAccount.
• Traffic acquisition costs (TAC): $12.21 billion vs$12.41 billion expected, according to StreetAccount

When the company was benefiting from the post-pandemic reopening and consumer spending was on the rise, revenue grew at a slower rate.

Advertising revenue increased just 12% as marketers spent more to manage inflation.

The Other Bets segment, which includes self-driving car unit Waymo as well as some health-tech projects and the company's venture arms, saw revenue rise from a year earlier. It lost money during the quarter.

The loss for the quarter was $858 million, which was less than expected.

The report comes a week after the company said it plans to slow hiring because of the difficult visibility. Despite the miss, Alphabet shares rose in extended trading as investors were expecting more troubling signs.

The company's shares have lost 25% of their value this year.

This is happening. You can check back for the latest news.

Ad spending is going to come down as the recession looms.