Alphabet’s sales, excluding partner payouts, were US$62 billion in the quarter, the company said Tuesday in a statement. Analysts had projected US$60.2 billion, according to data compiled by Bloomberg. Search advertising performed well, generating US$42.6 billion, compared with analysts’ average estimate of US$42.2 billion.Google’s flagship search business has weathered an advertising slowdown that affected social media companies, such as Meta Platforms Inc. and Snap Inc.
“Google can’t rest on its laurels,” Evelyn Mitchell-Wolf, a senior analyst at Insider Intelligence, wrote in a note. “It has a lot to prove, and as the industry clings to early signs of an ad spending recovery, these results will set the tone for the remainder of the year.” Net income was US$18.37 billion, or US$1.44 per share, compared to Wall Street’s US$1.32-per-share estimate.
The company also said that its chief financial officer, Ruth Porat, will fill in a newly created role of president and chief investment officer, starting in September. Porat will serve as CFO for the next month as the company searches for her replacement, it said.
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