on Thursday reported lower-than-expected quarterly revenue as the Google parent’s digital ad business struggled under an economic slowdown that has choked corporate spending and triggered mass layoffs.
Rival Meta Platforms Inc on Wednesday had impressed investors with its quarterly results, promising to further slash costs and boost offerings to better capitalize on ad dollars. Advertisers, which contribute the bulk of Alphabet’s sales, pulled back on spending as rising inflation and interest rates fuelled concern over consumer spending. Consumers had flocked to the internet for everyday purchases during the height of the pandemic but have returned to in-person shopping as restrictions have eased.
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