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Alphabet revenue misses estimates as ad business takes a hit

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Alphabet Inc 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. Shares of Alphabet, which lost roughly 40 per cent of their value in 2022, were down about

Alphabet Inc 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.

Revenue from Google advertising, which includes Search and YouTube, fell to $59.04 billion from $61.24 billion, as advertisers - the biggest contributors to Alphabet's sales - dialed back spending to cope with persistent inflation, high interest rates and recession fears.

 

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