Google has missed a beat in the recent revenue growth surge that had carried its shares of parent Alphabet to record highs, sending a tremor through Wall Street as investors worried it might signal a turning point in its core advertising business.

Shares in Alphabet fell more than 7 per cent in after-market trading on Monday after the company reported revenue growth of 17 per cent in the first three months of the year — a huge figure for a company whose quarterly revenue has now hit US$36.3 billion ($54.4b) but still about US$1b less than most analysts had expected.

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