Alphabet drops after reporting a slowdown in ad revenue

parent company reported revenue that fell below analyst estimates for its first-quarter 2019. The drop wiped more than $60 billion off Alphabet's market cap.Here's what Alphabet reported compared to Wall Street's expectations:$11.90 per share, ex-items, vs. $10.61 expected, per Refinitiv survey of analysts$6.86 billion, vs. $7.26 billion expected, according to FactSetGoogle is seeing decelerating growth after consistently expanding at 20% or more in prior periods.

Ruth Porat, Alphabet's finance chief, said on the earnings call with analysts that most of the deceleration is related to YouTube, which "represents the vast majority of total clicks." Investors had high hopes coming into the report with the stock surging 24% for the year and closing at a record on Monday. The stock has joined a broader rally across the tech industry.

It was a big miss and with Google's expansion plans and current capital projects, such as redeveloping downtown San José from nothing, I expect the same next quarter and the quarter after that.

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