Alphabet And Microsoft Missed Their Earnings Estimates

All told, Google’s parent company raked in $16 billion in profit, down $18.5 billion from the year-ago period.

knocked some 3.7% off revenue growth. CFO Ruth Porat predicts that the damage will hit even harder next quarter.Ad revenue of $56.29 billion compared to $56.14 billion expectedGoogle Cloud revenue of $6.28 billion compared to $6.41 billion expected, representing a loss of $858 millionA loss of $1.

Still, Google recently informed employees that times could get tough. In early July, CEO Sundar Pichai warned that Google is “not immune to economic headwinds.” To handle the current environment, Google needs to “be more entrepreneurial, working with greater urgency, sharper focus and more hunger” going forward.that the company would temporarily pause hiring and take time to “review our headcount.” Moreover, Google plans on “slowing down the pace of hiring for the rest of the year.

For the upcoming 2023 fiscal year, Microsoft reiterated its prior forecast of $49.25 billion to $50.25 billion. Noted Amy Hood, Microsoft’s CFO: “We continue to expect double-digit revenue and operating income growth in constant currency U.S. dollars.”

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