Google parent Alphabet’s revenue misses estimates as ad business takes a hit

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 92%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Alphabet Inc on Thursday reported lower-than-expected quarterly revenue as the Google parent’s digital ad business struggled under an economic slowdown

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines