SAN FRANCISCO (AP) — Google’s revenue growth during the past quarter decelerated to its slowest pace in two years as advertisers reined in their spending amid…
In Alphabet’s case, revenue during the April-June period totaled $69.7 billion, a 13% increase from the same time last year.
Ruth Porat, Alphabet’s chief financial officer, attributed some of YouTube’s meager growth to “truly extraordinary” ad spending at the same time last year as vaccines emboldened more consumers to begin returning to their pre-pandemic lifestyles and spending patterns. “Personally, I find moments like this clarifying,” Pichai explained during the call. “It gives us a chance to look at everything we do through a critical lens.”Article content
The tightening in ad budgets has repercussions beyond Google. It squeezed the social platform Snap so severely that its earnings plunged below management warnings of poor business results, creating such a cloudy outlook that its executives refused to make predictions for the current quarter.Article content
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