26th October, 2022
Google parent company Alphabet, on Tuesday reported its third-quarter results, with both profit and revenues missing Wall Street estimates as YouTube advertising slowed down.
Shares of Alphabet slipped over 5 per cent in the extended trading session.
The company reported a third-quarter profit of 13.91 billion dollars, down from last year’s profit of 18.94 billion dollars.
Revenues for the quarter gained 6 per cent to 69.09 billion dollars from 65.12 billion dollars last year.
Analysts had a consensus revenue estimate of 70.60 billion dollars for the quarter.
Google advertising revenues rose to 54.48 billion dollars from 53.13 billion dollars last year, as Google Search revenues increased, while revenues from YouTube ads decreased.
Google cloud revenues rose to 6.87 billion dollars from 4.99 billion dollars last year.
Chief executive Sundar Pichai said the company was focused on both investing responsibly for the long term and being responsive to the economic environment.
“We’re sharpening our focus on a clear set of product and business priorities.
“Product announcements we’ve made in just the past month alone have shown that very clearly, including significant improvements to both Search and Cloud, powered by AI, and new ways to monetise YouTube Shorts.’’
The results for the quarter reflected “healthy fundamental growth in Search and momentum in Cloud, while affected by foreign exchange,” chief financial officer Ruth Porat said.
“We’re working to realign resources to fuel our highest growth priorities.’’ (dpa/NAN) (www.nannews.ng)