In the past quarter, Google clearly felt the cooling of the online advertising market. The Internet group’s advertising revenue fell slightly year-on-year.
Cost-cutting measures such as cutting thousands of jobs and giving up office space also cost parent company Alphabet $ 2.6 billion, the company announced on Tuesday.
In the core business of advertising related to web searches, revenue was up 1.8 percent to $40.36 billion. Advertising revenue on the video platform YouTube fell from $ 6.87 to $ 6.69 billion.
Thanks to strong growth in the cloud business, Alphabet’s consolidated turnover increased by 2.6 percent to USD 68 billion (approximately EUR 62 billion). These are not the growth rates that investors used to be accustomed to. However, the stock temporarily gained nearly four percent in after-hours trading after Alphabet announced a share buyback of up to $70 billion.
The bottom line is that Alphabet posted a quarterly profit of a whopping $15 billion, as the group went on to announce. That was 8.4 percent less than one year previously. (sda/dpa)
Source: Watson
I’m Ella Sammie, author specializing in the Technology sector. I have been writing for 24 Instatnt News since 2020, and am passionate about staying up to date with the latest developments in this ever-changing industry.
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