Alphabet Shrugs Off Advertising Slump, Driven by Search Engine – The New York Times
Alphabet, Google’s parent company, returned to sales growth despite an advertising slowdown, receiving a boost from the popularity of its search engine after a slump that had sapped its earnings in recent months.
The company on Tuesday reported revenue of $69.8 billion in the first three months of 2023, up 3 percent from a year earlier and beating analysts’ average estimate of $68.9 billion.
The internet giant’s profit fell 8 percent to $15 billion, exceeding Wall Street expectations of $13.9 billion, according to data compiled by FactSet. It was the company’s fifth consecutive decline in quarterly earnings, but Alphabet said that it recorded $2.6 billion in charges related to recent layoffs and office space reductions.
The results were a reminder of the resilience of Google’s search engine, the core of the world’s largest digital advertising machine. Revenue from the search engine rose almost 2 percent to $40.4 billion in the first quarter, higher than analysts’ estimates of $39.4…
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source: https://news.oneseocompany.com/2023/04/25/alphabet-shrugs-off-advertising-slump-driven-by-search-engine-the-new-york-times_2023042544020.html
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