Alphabet’s stock recently traded down 4.2% to $1,422.79 a share in New York. The search-engine powerhouse, whose market value topped $1 trillion last month, has since dropped below that mark.
Google’s parent company rode its franchise business, search-engine advertising sales, to report revenue of $46.08 billion, compared to analyst expectations of $46.94 billion.
However, Alphabet’s net income of $10.67 billion, or $15.35 per share, eclipsed estimates of $12.49 per share.
YouTube revenue in 2019 was $15.15 billion, up 36% from 2018. Google Cloud sales were $8.9 billion for the year, surging 53% from 2018.
“I’m really pleased with our continued progress in Search and in building two of our newer growth areas — YouTube, already at $15 billion in annual ad revenue, and Cloud, which is now on a $10 billion revenue run rate,” Alphabet Chief Executive Sundar Pichai said in a statement.