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Alphabet reports first revenue decline in company history

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EARNINGS: Google's parent company Alphabet reports its first revenue decline in history, though still beat expectations with $38.30 billion in revenue. $GOOGL

The company beat most expectations with the exception of its Cloud division.

Alphabet CEO Sundar Pichai gestures during a session at the World Economic Forum annual meeting in Davos.beat expectations for its second quarter earnings Thursday, marking its first revenue decline in the company's history. The company's stock fell slightly after hours.Revenue:$3.78 billion, according to StreetAccount estimates$6.67 billion, as per StreetAccount

The company's board also authorized the company to repurchase up to $28 billion of its Class C shares. As a result of the customer pullbacks amid the Covid-19 pandemic and the general maturing ad market, Alphabet itself cut marketing spending by half and instituted hiring freezes for the second half of the year in anticipation of a slowdown, CNBC reported. Around that time, Alphabet CEO Sundar Pichai said Google would be pulling back on some of its investments for the rest of the year amid the Covid-19 crisis, starting with hiring.

Revenue from "Other Bets," which includes Alphabet's self-driving car business Waymo as well as life sciences company Verily, fell to $148 million compared to $162 million in the same quarter the year prior. The Other Bets showed an operating loss of $1.11 billion during the quarter.

 

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