• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Google’s Parent Alphabet Reports Weaker-than-expected Quarterly Earnings

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
October 26, 2022
in Uncategorised
Share on FacebookShare on Twitter

Google’s parent Alphabet had its shares fall by about 7 percent in Tuesday’s extended company after the company issued a weaker-than-expected earnings report for the third quarter.

The company reported earnings of $1.06 per share, less than analysts’ estimate of $1.25, according to Refinitiv. Revenue for the third quarter came in at $69.09 billion, falling below the Refinitiv estimate of $70.58 billion. Analysts had expected YouTube advertising revenue to come in at $7.42 billion, according to StreetAccount but Alphabet reported $7.07 billion for third-quarter YouTube advertising revenue. Google Cloud revenue surpassed analysts’ estimate of $6.69 billion with the $6.9 billion it generated in the third quarter. Traffic acquisition costs (TAC) stood at $11.83 for the quarter, below the estimate of $12.38, according to StreetAccount.

Revenue growth declined to 6 percent from the 41 percent reported in the same period a year ago. YouTube ad revenue declined about 2 percent to $7.07 billion from $7.21 billion reported a year ago. Analysts had expected a 3 percent increase. Overall advertising revenue for the quarter was $54.48 billion and was slightly up from what was reported in the year-ago period.

The company’s chief business officer for Google, Philipp Schindler, said that the company saw a decline in spending on search ads from segments such as loans, insurance, mortgage, and cryptocurrencies. 

The company’s top executive noted the challenges being faced by the company. In a statement, CEO Sundar Pichai said that the company is “sharpening our focus on a clear set of product and business priorities.” Chief Financial Officer Ruth Porat said that “we’re working to realign resources to fuel our highest growth priorities.”

In the third quarter, Google Cloud generated revenue of $6.9 billion, surpassing analysts’ expectations. It is also a notable increase from the $5 billion generated in the year-ago quarter. Losses in Google Cloud, however, increased to $699 million from the $644 million loss reported in the year-ago period.

The company’s CEO cited economic challenges, a potential recession, inflation, increasing interest rates, declining ad spending, etc., and said that the company has had to embark on cost-cutting measures.

Apart from the job slashes which the CEO had already announced, Google also canceled the next generation of its Pixelbook laptop and cut funding to its Area 120 in-house incubator. Last month, the company also announced that it will be shutting down Stadia, its digital gaming service. 

Alphabet said its full-time employees count now stands at 186,779, up from 150,028 last year. CEO Sundar Pichai during the earnings call on Tuesday said that additions to headcount will be significantly lower than the previous quarter.  

“Our actions to slow the pace of hiring will become more apparent in 2023,” he said. “Headcount additions will slow to less than half the number added in Q3,” CFO Ruth Porat added.

Related Posts:

  • Pinterest Reports Impressive Quarterly Results, The Positive Sign Needed By Investors
    Pinterest Reports Impressive Quarterly Results, The…
  • 50 html-templates-header
    Alphabet’s Second Quarter Results Failed To Meet…
  • lenovo-yoga-book-feature-awesome-specs-android
    Apple Reports Impressive Fiscal Third Quarter…
  • Zoom Issues Better-than-expected First Quarter…
  • Amazon Reports Impressive Results, Issues Positive Guidance For The Next Quarter
    Amazon Reports Impressive Results, Issues Positive…
  • Killings By Police March
    eBay Reports Better-than-expected Third Quarter…
  • salesforce-sign-4
    Salesforce Reports Better-than-expected Earnings…
  • Microsoft Surpasses Quarterly Estimates, Issues Weak Guidance For The Next Quarter
    Microsoft Surpasses Quarterly Estimates, Issues Weak…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Huawei Officially Launches HarmonyOS for PC May 10, 2025
    • Canada Nears Launch of Instant Payment Technology May 10, 2025
    • Threads Adds Dashboard for Post & Account Limits May 10, 2025
    • Many X Users are Experiencing Timeline Update Issues May 10, 2025
    • Legend Internet Launches Nigeria’s First Fibre-to-the-Room Service May 10, 2025
    • Over 300K Customers Leave 9mobile Over MTN Roaming Delay May 10, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (497) android (367) app (717) Apple (576) artificial intelligence (419) business (482) china (132) cryptocurrency (209) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (709) government (469) instagram (173) internet (467) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (836) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Huawei Officially Launches HarmonyOS for PC

    Huawei Officially Launches HarmonyOS for PC

    May 10, 2025
    Canada Nears Launch of Instant Payment Technology

    Canada Nears Launch of Instant Payment Technology

    May 10, 2025
    Advertisement Coming to Threads from Next Year

    Threads Adds Dashboard for Post & Account Limits

    May 10, 2025
    Many X Users are Experiencing Timeline Update Issues

    Many X Users are Experiencing Timeline Update Issues

    May 10, 2025
    Legend Internet Launches Nigeria’s First Fibre-to-the-Room Service

    Legend Internet Launches Nigeria’s First Fibre-to-the-Room Service

    May 10, 2025
    Over 300K Customers Leave 9mobile Over MTN Roaming Delay

    Over 300K Customers Leave 9mobile Over MTN Roaming Delay

    May 10, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok