While many unprofitable growth tech stocks saw their share prices plummet in 2022, a result of investor sentiment souring on these speculative businesses, even the most dominant companies weren't immune to a declining market. For example, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG), one of the most successful enterprises ever, experienced a stock drop of 39% last year. 

But even with a poor share-price performance in 2022, Alphabet looks like an incredibly attractive buying opportunity right now. Let's take a closer look. 

Shareholders are probably familiar with the issues that the business has been facing, particularly as it relates to softer advertising spending. Rising interest rates implemented by the Federal Reserve have many executives preparing for a potential recession this year, and marketing expenses could be among the first cuts. This directly impacts Alphabet, as advertising accounted for 79% of overall revenue in the most recent quarter (the third quarter of 2022 ended Sept. 30).

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Source Fool.com