Alphabet, the parent company of Google, has reported a drop in sales for the first quarter

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Alphabet Inc. shares price fell on Monday after it reported a fall in growth for the first quarter. Alphabet is a parent of the most popular search engine Google. The share price fell by 7 percent this Monday after revenue increased by 17 percent only as compared to 28 percent growth a year earlier. Similarly, the company also reported a fall in ad sales growth from 24 percent to 15 percent in a one year time. The market cap declined by $60 billion in a day.

The of the stands at $11.90 per share and stands at $36.34 billion for the first quarter. Google has reported a declining growth rate after regularly expanding by 20 percent or more in the previous periods.

Alphabet was hit with a fine by European Commission costing $1.7 billion in the quarter as a settlement for stifling competition in the online ad sector.

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