Google parent Alphabet reported second-quarter revenue that met analysts’ expectations, reflecting the internet giant’s resilience amid slowing growth in advertising.
Google parent Alphabet Inc. reported second-quarter revenue that met analysts’ expectations, reflecting the internet giant’s resilience amid slowing growth in advertising.
Google’s sales gains indicate the company’s advertising business -- especially its search ads -- may be positioned to weather a crunch in marketing spending, which has affected smaller competitors including Snap Inc. and Twitter Inc. By contrast, Google’s ad sales beat analysts’ expectations. The company is nevertheless remaining cautious, saying that it temporarily paused hiring.
Google shares rose as much as 4.5 per cent in after-hours trading. The stock has fallen 27.5 per cent so far this year. Search and other related businesses posted second-quarter sales of US$40.7 billion. Analysts, on average, estimated US$40.3 billion. YouTube generated ad revenue of US$7.34 billion, compared with analysts’ average estimate of US$7.47 billion. The app is increasingly competing for advertising dollars and attention with Bytedance Ltd.’s TikTok, while managing the effects of Apple’s privacy requirements for its apps, which have made it harder to target advertising.
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