Share prices of Google parent company Alphabet have plunged after the tech giant reported slowing revenue growth, with brands pulling ads from YouTube amid concerns over the site’s ‘harmful content’.
Google founders Larry Page, Sergey Brin and Eric Schmidt had about $9 billion wiped from their collective net worths as the stock plunged in early trading on Tuesday.
Alphabet shares plunged as much as 8.6 per cent on Tuesday, wiping more than $66billion from the company’s value and marking the steepest intraday drop since October 2012.
On Monday afternoon, Alphabet reported first quarter sales of $29.5 billion, missing expectations, and advertising revenue growth of 15 per cent, the slowest pace since 2015.
Alphabet’s chief financial officer said that a ‘deceleration’ in clicks on its YouTube unit, a main driver for its ad revenue, was partially to blame.
YouTube has recently come under fire amid concern that it does not effectively control videos posted and promoted on the site.
The Google subsidiary has faced continued pressure from advertisers to tighten regulations so that they do not appear to be sponsoring adult or offensive content.
Some major brands have stopped advertising on YouTube following revelations that some adverts were being run next to terrorist content, ‘fake news’ and disturbing videos.
Advertising revenue, a key moneymaker for Google, grew by 15 per cent to $30.7 billion, but still failed to meet analyst expectations.
Increased ad competition from rivals Amazon and Facebook and dips in its smartphone business have been cited as part of the reason for the slowing growth.
Amazon has steadily been gaining ground because people are now beginning more searches on Amazon’s platform rather than Google’s search engine, experts say.
Google also faced headwinds due to the $1.5 billion fine imposed by the European Commission in March when its advertising network was found to have broken EU competition rules
Nah nah nah, its Google who created this mess, they caused this hysteria, they started to ban people before there was a hysteria and now the hysteria is just self promulgating.
It was Google who sparked the mass hysteria over “offensive content”. Back in 2017 when they first started to do this as a libtard SJW angry reaction because Trump won, no advertiser complain.
Nestle didn’t say anything, Johnson didn’t say anything, Procter and Gamble didn’t say anything but now, enjoy the hysteria you fine Google folks have caused.
They also banned numerous people for “fake news”. Make no mistake about it, they started this, Google shot itself in the foot.
Yes advertisers, Google is promoting racist, nazi, monster, fake news, conspiracy content, no matter how much they ban, they are still racist nazis from hell, boycott Google altogether.
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