Revenue at Google owner Alphabet miss estimates as ad business takes hit

Shares down about 4% in after-hours trading after results released

Google is the world's largest digital ad platform by market share, making it uniquely susceptible to fluctuations in online marketing spending. File picture: Jeff Chiu/AP

Alphabet last night reported lower-than-expected quarterly revenue as the Google parent's digital ad business struggled under an economic slowdown that has choked corporate spending and triggered mass layoffs.

Shares of Alphabet, which lost roughly 40% of their value in 2022, were down about 4% in after-hours trading.