ISTANBUL

Google's parent company Alphabet's stock price was down more than 4.5% on Wednesday as the tech firm saw its YouTube advertising revenue coming lower than market estimates.

Alphabet stocks were trading at $175.05 per share at 1.13 p.m EDT for a daily loss of 4.66% after they closed Tuesday at $183.60 a share.


Online video-sharing platform YouTube saw an advertising revenue of $8.66 billion in the second quarter, up 13% from $$7.66 billion in the same period of last year, but coming lower than market expectations of $8.93 billion.


Alphabet's total ad revenue increased 11.1% to $64.62 billion, from $58.14 billion, during that period, according to its financial results statement released Tuesday after the stock market closing.

Net income rose to $23.6 billion -- almost a 28.3% increase from $18.4 billion.