Google's other revenue, which includes the cloud business, rose 25 percent to $5.45 billion. Not only that, its revenue growth - 17 percent year-on-year - has been the slowest since 2015. Shares of Google's parent company fell more than 7 percent following the results.
That the revenues were $1 billion shy of analysts' forecasts was enough to send Alphabet's shares tumbling by 7.9 per cent, down $102.36 to $1,193.84 when U.S. trading began yesterday.
These collection of businesses helped Q4 revenue to rise to $39.28 billion from $32.32 billion in the year-ago period, topping estimates of $39.12 billion.
The company reported a net income of $6.66 billion, or $9.50 per Class A and B common share and Class C capital share in the three months ended March 31, from $9.40 billion, or $13.33 per share, a year earlier. Excluding the impact of fines, Alphabet's first-quarter net profit is $8.339 billion, down 11% from the same period past year.
Revenue from Google advertising rose 15 per cent, the slowest pace since 2015.
The company, which also owns YouTube, reported sales of US$36.6bn for the three months ended 31 March - nearly US$1bn below what Wall Street number crunchers had forecast.
Wall Street had been expecting Alphabet to report revenue of $37.3 billion.
Brussels accused Google of using the Android system's dominance of smartphones and tablets to promote the use of its own Google search engine and Chrome browser and shut out rivals.
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Google has had a tough first quarter in 2019. "It's unclear how Google might be able to ramp growth back up on these device types", he said.
Much of the slowdown can be attributed to shrinking growth for Google's ad revenue.
And Google's costs could jump further if governments globally follow through on threats to rein in the ability of apps to track users for advertising purposes.
Google is separately working to satisfy European Union regulators investigating its hugely popular Android devices following a $5 billion fine previous year.
"We view the lack of specificity around product changes as a new overhang, with investors already somewhat concerned about the impact of competition, regulation, and disruptive technologies", Baird analysts said. Amazon and Microsoft are well ahead of Google in the cloud market.
Speaking of expenses, part of that $29.7 billion number includes a $1.7 billion fine which Google had to pay to the European Commission for infringing on competition laws with AdSense and Google Search.
Newer units that are producing noticeable revenue have lagged in market share, including Google's consolidated hardware unit and Google Cloud, which sells computing and data storage services to businesses.