There's plenty of bad news in Google Holding Alphabet's earnings report.
An apparent disappointment for the American internet giant is that its video site YouTube, long spoiled by rapid growth, is now struggling with declining sales.
Even more worrying is the trend in its core business of advertising, which is placed alongside Google's search engine results.
These search ads have long been the company's gold mine, and they were previously considered a much more resilient revenue stream than other advertising formats.
They are also hardly affected by the stricter data rules on Apple devices such as iPhones, which are currently causing problems for competitors such as Facebook parent company Meta in their advertising business.
And yet here too, Google's sales growth has weakened considerably, and in the midst of a difficult economic environment in some sectors, advertising customers have become significantly more cautious with their budgets.
This is an alarm signal that goes far beyond the Internet company.