A, B & Cs of Google’s Q3 Results

Numero
2022-10-26

> Google's Q3 Performance

Slowdown in Ad sales, missing analyst expectations.

• Total revenue was $69.09bn vs $65.12bn yoy. Analysts on average expected revenue to be $70.58bn.

• Net income fell to $13.91bn, or $1.06 per share, from $18.94bn, or $1.40 per share yoy. Net income missed analyst expectations of $1.25 per share.

• Operating margin declined to 25% vs 32% yoy.

• Ad revenue was $54.48bn vs $53.13bn yoy, but came in below analysts' expectations.

• Ad sales on YouTube declined to $7.07bn from $7.2bn yoy.

• Revenue from Google Cloud rose to $6.9bn from $5bn yoy.

Alphabet is facing a slowdown in advertiser spending on YouTube and the cooling of adspend by financial services sectors on Google, and plans to cut hiring by more than half.

-> Shares in Alphabet fell 6.5% in trading after the bell.

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