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Austerity measures, such as laying off thousands of jobs and giving up office space, also cost parent company Alphabet $2.6 billion, the company announced on Tuesday.
Advertising around web search and core business revenues rose 1.8 percent to $40.36 billion. YouTube’s ad revenue fell from $6.87 billion to $6.69 billion.
Alphabet’s consolidated sales rose 2.6 percent to $68 billion (approximately €62 billion), thanks to significant growth in its cloud business. These are not the growth rates that investors are used to. But the stock temporarily gained about four percent in after-hours trading after Alphabet announced a share buyback of up to $70 billion.
As a result, Alphabet made a good $15 billion quarterly profit, as the group also announced. This was 8.4 percent less than a year ago.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
