Alphabet Posts Lower Q4 Profit Amid Ad Squeeze, Competition – U.S. News & World Report
Richard Drew
Google’s parent company Alphabet on Thursday posted lower profit and a small revenue increase for last year’s fourth quarter, as a decline in online ad spending and competition from rivals weigh on the search giant.
While overall revenue grew, advertising revenue fell by nearly 4% and revenue at YouTube declined 8% year-over-year. That appeared to spook investors, who sent the company’s stock lower in after-hours trading.
The company based in Mountain View, California, said it earned $13.62 billion, or $1.05 per share, in the October-December quarter. That’s down 34% from $20.64 billion, or $1.53 per share, in the same period a year earlier.
Revenue inched 1% higher to $76.05 billion from $75.33 billion.
Analysts expected Alphabet to post earnings of $1.18 per share on revenue of $76.2 billion for period, according to FactSet Research.
Alphabet, like Facebook parent Meta, Amazon and other tech companies, is navigating a rough economic patch that’s especially hurting…
The post Alphabet Posts Lower Q4 Profit Amid Ad Squeeze, Competition – U.S. News & World Report first appeared on SEO, Marketing and Social News | OneSEOCompany.com.
source: https://news.oneseocompany.com/2023/02/02/alphabet-posts-lower-q4-profit-amid-ad-squeeze-competition-us-news-world-report_2023020240105.html
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.