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Google-parent Alphabet Inc missed market estimates for quarterly revenue on Tuesday as advertisers cut back on spending in the face of an economic slowdown.
Fears that consumers will cut back on spending as interest rates rise and inflation soar have strained the global online advertising market, prompting companies such as Snap Inc to issue revenue growth warnings. Alphabet shares fell 2.5% in after-hours trading. Google’s advertising revenue was $54.48 billion in the third quarter, up from $53.13 billion the previous year. The company reported total revenue of $69.09 billion in the fiscal quarter ended September 30, up from $65.12 billion the previous year.
