Google parent company Alphabet’s profit declines
Google’s parent company Alphabet, on Tuesday, reported its third-quarter results, with profit and revenues missing Wall Street estimates as YouTube advertising slowed down.
Shares of Alphabet slipped over five per cent in the extended trading session.
The company reported a third-quarter profit of $13.91 billion, down from last year’s profit of $18.94 billion.
Revenues for the quarter gained six per cent to $69.09 billion from $65.12 billion last year.
Analysts had a consensus revenue estimate of $70.60 billion for the quarter.
Google advertising revenues rose to $54.48 billion from $53.13 billion last year, as Google Search revenues increased, while revenues from YouTube ads decreased.
Google cloud revenues rose to $6.87 billion from $4.99 billion last year.
Chief Executive Sundar Pichai said the company focused on 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,” said Mr Pichai. “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,” said chief financial officer Ruth Porat.
Ms Porat added, “We’re working to realign resources to fuel our highest growth priorities.’’
(dpa/NAN)
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