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Alphabet finally got the message that investors have had it with wild spending



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Alphabet (GOOGL) reported weaker-than-anticipated fourth-quarter results Thursday evening as a combination of foreign exchange headwinds and a slowdown in ad spending continued to plague the company. Total revenue of $76.05 billion represented a year-over-year increase of about 1%, or 7% in constant currency, but missed analysts’ estimates of $76.53 billion, according to Refinitiv. ( Constant currencies help strip out fluctuations in foreign currency to provide a clearer financial picture .) Adjusted earnings-per-share fell more than 30% from a year ago, to $1.05 per share, below the Wall Street consensus estimate of $1.18 per share. Bottom line This wasn’t a great showing from Alphabet, but management’s call with investors reassured us about the path ahead. While the discussion began with all the things the comp …

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