Why Alphabet Shares Are Falling Today

Alphabet Inc GOOGL GOOG shares are trading lower Wednesday after the company reported worse-than-expected financial results.

Alphabet said first-quarter revenue increased 23% year-over-year to $68.01 billion, which came in below the $68.04 billion estimate, according to data from Benzinga Pro. The company reported 34% revenue growth in the same period last year. 

Alphabet reported quarterly earnings of $24.62 per share, which came in below the estimate of $26.11 per share. The company also announced a $70 billion buyback. 

Analyst Assessment: 

• Piper Sandler analyst Thomas Champion maintained Alphabet with an Overweight rating and lowered the price target from $3475 to $2900.
• Credit Suisse analyst Stephen Ju maintained Alphabet with an Outperform rating and lowered the price target from $3450 to $3400.
• BMO Capital analyst Daniel Salmon maintained Alphabet with an Outperform rating and lowered the price target from $3300 to $3000.
• UBS analyst Lloyd Walmsley maintained Alphabet with a Buy rating and lowered the price target from $3850 to $3600.
• Barclays analyst Ross Sandler maintained Alphabet with an Overweight rating and lowered the price target from $3300 to $3200.
• Morgan Stanley analyst Brian Nowak maintained Alphabet with an Overweight rating and lowered the price target from $3450 to $3270.

See Also: Google Parent Alphabet's Q1 Results: Analyst Delves On The Good, Bad And Ugly

GOOG 52-Week Range: $2,230.05 - $3,042.00

The stock was down 4.52% at $2,282.03 at time of publication.

Photo: courtesy of Alphabet.