Alphabet Disappoints with Weak 1Q Revenue; Maintaining $1,300 FVE; Shares Fairly Valued for Now
Alphabet reported mixed first-quarter results with a miss on the top line while operating margin widened a bit, excluding the fine imposed by the European Commission. Deceleration in ad revenue growth was more than we expected although management believes it was due to product changes which impacted demand in the short term. We expect improvement in YouTube monetization, plus accelerating growth in cloud to bring full-year 2019 revenue growth of Alphabet to around 20%. We remain convinced that A...
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