Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) shares are trading lower Wednesday after the company reported worse-than-expected financial results.
Alphabet said first-quarter revenue increased 23% year-over-year to $68.01 billion, which came in below the $68.04 billion estimate, according to data from Benzinga Pro. The company reported 34% revenue growth in the same period last year.
Alphabet reported quarterly earnings of $24.62 per share, which came in below the estimate of $26.11 per share. The company also announced a $70 billion buyback.
Analyst Assessment:
- Piper Sandler analyst Thomas Champion maintained Alphabet with an Overweight rating and lowered the price target from $3475 to $2900.
- Credit Suisse analyst Stephen Ju maintained Alphabet with an Outperform rating and lowered the price target from $3450 to $3400.
- BMO Capital analyst Daniel Salmon maintained Alphabet with an Outperform rating and lowered the price target from $3300 to $3000.
- UBS analyst Lloyd Walmsley maintained Alphabet with a Buy rating and lowered the price target from $3850 to $3600.
- Barclays analyst Ross Sandler maintained Alphabet with an Overweight rating and lowered the price target from $3300 to $3200.
- Morgan Stanley analyst Brian Nowak maintained Alphabet with an Overweight rating and lowered the price target from $3450 to $3270.
See Also: Google Parent Alphabet's Q1 Results: Analyst Delves On The Good, Bad And Ugly
GOOG 52-Week Range: $2,230.05 - $3,042.00
The stock was down 4.52% at $2,282.03 at time of publication.
Photo: courtesy of Alphabet.
