Second-quarter revenue rose to $69.69 billion from $61.88 billion a year earlier as its ad business managed to withstand challenging economic pressures
on Tuesday barely missed estimates for quarterly revenue, showing that its industry-leading Google search and advertising business may be able to withstand big countries potentially going into recession over the next year.Alphabet reported second-quarter revenue of $69.69 billion, 13 per cent higher than the year-ago period, and nearly in line with the average expectation of $69.88 billion among investment researchers tracked by Refinitiv.
Rising wages as well as rising prices of fuel and other items have forced some ad buyers this year to pare marketing, including even ads on internet services such as Google that served as an essential link to consumers during pandemic lockdowns. Google’s ad business accounted for 81 per cent of the quarterly revenue, with those sales of $56.29 billion falling just below the average estimate of $56.67 billion.Overall profit was $16 billion, or $1.21 per share, compared with the average estimate of $1.29 per share. Alphabet’s profit tends to be unpredictable due to sporadic gains or losses – at least on paper – in the stakes it holds in many startups.
Other factors are motivating concerns about a potential sales slowdown. Amid scrutiny from antitrust regulators on five continents, Google is taking a smaller cut from sales of apps developed by outside software makers.
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