For the second quarter, Alphabet, the parent company of Google, earnings and revenue were lower than anticipated.
From growth of 62 percent a year earlier, when the company was profiting from the post-pandemic reopening and rising consumer spending, revenue growth slowed to 13 percent in the last quarter.
In addition to the overall decline in ad spending, TikTok is increasingly challenging YouTube for short-form video viewers.
Although Alphabet didn’t disclose a sales projection, Refinitiv reports that analysts anticipate growth of 14% to $293.9 billion this year.
About a fifth of the value of the shares has been lost this year.
