But with so much bad news priced in, shares rallied when Alphabet's results and guidance were simply not horrible.
"With advertising revenue approximately in line with consensus and as shares were down 11% since reporting 1Q earnings, we view the report positively despite us reducing forward estimates," wrote JMP's analysts in a note, saying that they will maintain Alphabet's outperform rating and the price target of $160.
"Our primary takeaway is that search's demand is persistent even in a tough macro advertising environment given its consistent and high ROI while benefiting from its diversification across online and offline as well as across verticals and geographies."
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