Google-parent Alphabet posts higher quarterly revenue
Alphabet reported second-quarter revenue of US$69.69 billion, 13 per cent higher than the year-ago period, and nearly in line with the average expectation of US$69.88 billion among investment researchers tracked by Refinitiv.
Investors had been bracing for the results for weeks, with analysts tempering forecasts for ad spending. Concerns were also heightened when social media companies Snap Inc. and Twitter Inc. posted disappointing quarterly results. Snap shares plunged 25 per cent after last Thursday’s results. A wide swath of tech companies is slowing or stopping hiring.
Big U.S. multinationals including Alphabet also are increasingly bringing in less cash when converting foreign revenue because of the strong dollar. Alphabet said the currency affected sales growth by 3.7 per cent.Article content In recent years, ad spending cuts have hurt social media companies more than they have hurt Google. It brings in revenue through a greater variety of functions in the ad market, and search ads can be easier for customers to generate since they often include just text.
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