They missed earnings, stock is down big time
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YouTube generated ad revenue of $6.87 billion, compared with analysts’ average estimate of $7.4 billion. In prior quarters, Google has said that Apple Inc.’s ban on third-party ad-targeting curtailed some of YouTube’s business on iPhones. Ahead of the earnings, Daniel Salmon, an BMO Equity Research analyst, lowered estimates for YouTube sales in part to reflect the heightened competition from ByteDance Ltd.’s TikTok video app.
- Bloomberg