YouTube wipes $7.6bn off owner Alphabet
The TelegraphGoogle’s parent company suffered a sharp fall in its share price after revealing the first ever decline in advertising revenues at its YouTube video streaming service. It came as Microsoft revealed a slowdown in sales in its cloud computing arm, and the music streaming service Spotify announced that advertising revenue was growing more slowly than expected. We’re working to realign resources to fuel our highest growth priorities.” Alphabet’s share price has fallen 28pc since January, broadly tracking the wider technology markets, which have seen a steady sell-off during the year. The company briefly dipped last week after Snapchat’s parent company Snap Inc reported slower-than-expected growth, triggering a 25pc crash in its own price during after-hours trading.