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    Google stock drops amid slowing ad-revenue growth

    By SHOOTUpdated:No Comments1847 Views
    In this Dec. 17, 2018, file photo a woman walks past Google offices in New York. Alphabet Inc., parent company of Google, reports financial results on Monday, April 29, 2019. (AP Photo/Mark Lennihan, File)

    By Rachel Lerman, Technology Writer

    SAN FRANCISCO (AP) --

    Google parent Alphabet beat analyst earnings expectations but reported slowing revenue growth amid tougher competition in the online advertising market. Alphabet shares dropped more than 7% in after-hours trading.

    Google's advertising revenue, its key moneymaker, grew by 15 percent to $30.7 billion — slower than investors had hoped. Google's digital-ad rivals include Facebook and Amazon, the latter of which has been steadily gaining ground.

    The results sparked concerns that Google's enormously profitable advertising machine might be starting to sputter. Some analysts suggested it's a signal that Google might need to diversify its business more quickly.

    "Does this put more pressure on Google to make more aggressive bets on cloud?" asked Wedbush Securities analyst Dan Ives.

    Google executives highlighted the company's cloud-computing business as one of its fastest growing segments during a call with analysts Monday. But the cloud currently accounts for only a small slice of overall revenue. Google reported $5.4 billion in "other" revenue, which includes cloud, hardware and Play store purchases.

    Alphabet reported a first-quarter profit of $8.3 billion, down 6% from $8.9 billion in the year-earlier period. Profit amounted to $11.90 per share, well above Wall Street estimates of $10.60.

    That figure doesn't include an expected charge of $1.7 billion to account for a European Union antitrust fine. The fine was imposed in March for anti-competitive practices in Google's advertising business, referring to a specific exclusivity practice Google now says it has ended.

    Including the fine, Alphabet's profit of $6.7 billion fell short of analyst estimates.

    Excluding advertising commissions that Google pays to customers, Alphabet's overall revenue was $29.5 billion — also falling short of the $30 billion analysts were expecting.

    Alphabet also reported widening losses in its "Other Bets" category — a broad segment that includes experimental ventures such as self-driving car business Waymo and internet-balloon subsidiary Loon. Losses grew to $868 million from $571 million a year ago.

    Alphabet once again expanded its workforce, growing to 103,459 employees — adding nearly 4,700 workers in the last three months.

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    India’s legendary filmmaker Shyam Benegal dies at age 90

    Tuesday, December 24, 2024
    Indian film directors Shyam Benegal, right, is seen during a discussion on Indian Cinema in Hyderabad, India, Monday, Feb. 18, 2008. (AP Photo/Mahesh Kumar A, File)

    Shyam Benegal, a renowned Indian filmmaker known for pioneering a new wave cinema movement that tackled social issues in the 1970s, has died after suffering from chronic kidney disease. He was 90.

    His contribution to cinema was recognized as a director, editor and screenwriter. He was also credited with a new genre of filmmaking.

    Benegal passed away on Monday at Mumbai's Wockhardt Hospital, and his cremation will take place on Tuesday, the Press Trust of India news agency reported, citing his daughter Piya.

    "Benegal had been suffering from chronic kidney disease for several years but it had gotten very bad. That's the reason for his death," Piya said.

    Many paid tribute to the legendary filmmaker on social media platform X.

    Filmmaker Mahesh Bhatt wrote that Benegal told stories without pretense. "They were raw and real, about the struggles of ordinary people. His films had craft and conviction."

    "Deeply saddened by the passing of Shyam Benegal, whose storytelling had a profound impact on Indian cinema. His works will continue to be admired by people from different walks of life," India's Prime Minister Narendra Modi tweeted.

    He was a mentor to top Indian actors, including Shabana Azmi, Smita Patil, Naseeruddin Shah, and Om Puri who made their mark in Bollywood's popular cinema as well.

    "I have lost my foster father, a man to whom I owe more than I can say," posted Naseeruddin Shah.

    "Shyam Benegal was not just a legend; he was a visionary who redefined storytelling and inspired generations," said actor Manoj Bajpayee.

    Benegal came into the limelight in the 1970s, with a series of films that challenged mainstream Bollywood. His films Ankur (1974), Nishant (1975), Manthan (1976), and Bhumika (1977)... Read More

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