Google owner Alphabet sees profit fall short of expectations as it reports third-quarter results
Google’s owner fell short of expectations when it reported third-quarter results.
Alphabet, which also owns YouTube, posted revenue of £60bn in the three months to September, missing analysts’ forecasts of £62bn.
You Tube ad revenue is understated at £6.16bn, compared to a penciled £6.47bn, as companies across the world cut spending amid economic turmoil.
Alphabet, the owner of Google, which also owns YouTube, posted a profit of £60bn in the three months to September, missing analysts’ forecasts of £62bn.
Shares in the company, which reported results after the US stock market closed, fell more than 5 percent in so-called after-hours trading.
Chief executive Sundar Pichai said: “We are sharpening our focus on a clear set of products and business priorities.”
But earnings growth of 6 percent from last year, compared with 41 percent for the same time in 2021, was the weakest since 2013 for a single period at the start of the pandemic.
Microsoft, however, just beat expectations with its first quarter results. Revenue came in at £43.7bn, beating previous forecasts of £43.2bn.
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