Alphabet Inc. (NASDAQ:GOOG) shares closed more than 7% today despite the company’s reported Q2 miss. Quarterly EPS came in at $1.21, worse than the Street estimate of $1.28. Revenue increased 13% year-over-year to $69.69 billion, compared to the Street estimate of $70.04 billion.

The quarter was highlighted with overall "uncertainty" given the challenging macro environment. Search continues to be resilient given large number of advertisers and the performance nature of ads. The company is slowing hiring, but the impact will mostly be felt in 2023.

Analysts at Oppenheimer reduced their price target to $155 from $165, now assuming slower revenue over the next four quarters, even though Search advertising remains resilient.