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Alphabet Sees Decline in Search Marketing, Safari Traffic; Bernstein Notes Slowest Paid Click Growth, Lowest P/E and EV/EBIT in a Decade

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Updated May 11, 2025, 01:22 PM

Alphabet Inc. ($GOOGL) is experiencing notable challenges in its core search engine business, with recent data indicating a decline in search engine marketing spend over the past 30 to 90 days. This downturn is attributed primarily to macroeconomic and geopolitical factors. Additionally, Google searches via Apple's Safari browser have fallen for the first time in 22 years, marking a significant shift in user behavior.

Bernstein analysts have highlighted the slowest paid click growth in Google's history alongside the first-ever monthly decline in web search volumes on Apple devices, reinforcing concerns among investors about the future of Google's search dominance. Amid these developments, Alphabet's stock is trading at some of its lowest price-to-earnings (P/E) and enterprise value to earnings before interest and taxes (EV/EBIT) ratios in a decade, with the P/E ratio in the bottom percentile and EV/EBIT in the 6th percentile relative to its 10-year history. Despite these challenges, some market participants remain optimistic about Alphabet's prospects, citing the company's AI tools as undervalued assets that could drive future growth.

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Sources

searchengineland.com

John Ennis

@john_ennis_btc

Going to buy a bunch of $GOOG on Monday Search is dying, so their stock is tanking, but their AI tools are criminally underrated NFA!

Koyfin

@KoyfinCharts

$GOOGL Alphabet is trading at some of the lowest levels of P/E and EV/EBIT in a decade. Relative to its 10Y history, the PE is in the bottom percentile, and EV/EBIT is in the 6th percentile. https://t.co/ZSGvCXTMy6

Ray Wang

@rwang07

BERNSTEIN: Is this it for Search ( $GOOGL)? Over the past two weeks, data points highlighting the slowest paid click growth in Google’s history combined with the first month ever of declining web search volumes on Apple devices validate investors’ feeling – it’s not just be them https://t.co/FOCAFP7CXW