Google reported its fifth consecutive quarter of slowing sales growth as weakness in the economy continued to damper online advertising spending
Google’s parent company, reported revenue of $69.1 billion in the third quarter, an increase of 6.1% from the same period last year but less than analysts expected.hiring, Alphabet’s full-time employee base increased by almost 12,800 workers in the quarter, the biggest change on record. Alphabet shares fell more than 6% in after-hours trading.
“Times like this are clarifying,” said CEO Sundar Pichai, in a call with analysts after earnings were announced. He said Google has begun a push to become more efficient “by realigning resources to invest in our biggest growth opportunities” and that employee growth will be “significantly lower” in the fourth quarter.
Google, Meta and ByteDance are in a battle for supremacy in the short-video format. WSJ’s Miles Kruppa breaks down how each company is doing and shares insight into which platform might come out on top. Illustration: Ryan Trefes While Google has attempted to become less reliant on advertising in recent years, the tech company still makes the majority of its revenue from ads that appear next to search results and videos surfaced by the company’s algorithms.
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