As YouTube faces continued competition from TikTok, the company reported that ads on the platform made $7.67bn, up from $7.34bn the year before.ĭespite this, Alphabet’s recovery from a rough few quarters has been “uneven”, said Evelyn Mitchell-Wolf, an analyst at market research firm Insider Intelligence, including a tenuous improvement in advertising. The sunnier forecast comes after the company cut more than 12,000 jobs, or 6% of its global workforce, in January.Īlphabet reported growth across several sectors, stating that its ad revenue had risen 3.3% to $58.14bn from $56.29bn last year. This is the second earnings report from Alphabet that offered signs of potential recovery after a difficult year for the company – its first-quarter earnings reported in April showed an unexpected increase in revenue. But as they retreat from Twitter – now renamed “X” – and other more volatile platforms, companies like Alphabet and Facebook-owner Meta Platforms are seeing a rebound. “Our continued leadership in AI and our excellence in engineering and innovation are driving the next evolution of Search and improving all our services.”Īdvertisers had pulled back spending in recent years amid economic woes. “There’s exciting momentum across our products and the company, which drove strong results this quarter,” said Sundar Pichai, the CEO of Alphabet and Google, in a statement. That growth is attributed in part to steady demand for Google Cloud services, which is expected to continue to climb as adoption of artificial intelligence (AI) tools grows. Revenue for the quarter stood at $74.6bn, compared with estimates of $72.82bn, according to Refinitiv data. The company reported net profits of $1.44 a share for the April-June period, compared with estimates of $1.34 a share.
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