Alphabet Inc. shares price fell on Monday after it reported a fall in revenue growth for the first quarter. Alphabet is a parent company of the most popular search engine Google. The share price fell by 7 percent this Monday after revenue increased by 17 percent only as compared to 28 percent growth a year earlier. Similarly, the company also reported a fall in ad sales growth from 24 percent to 15 percent in a one year time. The market cap declined by $60 billion in a day.
The EPS of the company stands at $11.90 per share and revenue stands at $36.34 billion for the first quarter. Google has reported a declining growth rate after regularly expanding by 20 percent or more in the previous periods.
Alphabet was hit with a fine by European Commission costing $1.7 billion in the quarter as a settlement for stifling competition in the online ad sector.