Viewing a single comment thread. View all comments

nastratin OP t1_itw6nfs wrote

Google CEO Sundar Pichai has been on a belt-tightening mission at Google over the past three months, so it seems he saw this coming: Parent company Alphabet's latest earnings are kind of a disaster.

The company's Q3 2022 earnings were released last night, and they show a 27 percent drop in profits compared to last year, with weaker-than-expected earnings and revenue.

Revenue was up 6 percent year over year to $69.1 billion, a sharp growth decline from 2021 Q3, which saw 41 percent growth. Profits were at $13.9 billion, down from $18.9 billion in Q3 2021.

As usual, Alphabet earnings are mostly about Google ad revenue and click-through rates, with the company citing reduced spending from the "insurance, loan, mortgage, and crypto subcategories" in particular. Worries about the economy and inflation are causing many Google customers to cut their ad budgets

16

frakkintoaster t1_itwd2i5 wrote

I get how this all works, but if we're calling $13.9 billion in profits for a quarter a disaster we might have to re-think some things...

35

Thamesx2 t1_itwjilg wrote

Especially considering they are up 6% year over year.

10

mygoalisin t1_itwfoha wrote

Google'z motto 👉🏽'used to be'👈🏽 : "don't be evil".

6

doubletagged t1_itykf16 wrote

I mean, it’s all relative otherwise we’d just keep saying “spectacular” because it’s a few billions

1

StabbyPants t1_itwxcfn wrote

because it's a sharp reduction compared to the prior quarter

0