Google's parent company Alphabet reports weaker earnings, revenue

Alphabet, the parent company of Google, has reported weaker-than-expected earnings and revenue for the April-June period (Q2). The company reported solid growth in its Search business

Google, Alphabet, Alphabet Inc, Silicon Valley,
Photo: Reuters
IANS San Francisco
2 min read Last Updated : Jul 27 2022 | 12:38 PM IST

Alphabet, the parent company of Google, has reported weaker-than-expected earnings and revenue for the April-June period (Q2). The company reported solid growth in its Search business.

Revenue growth slowed to 13 per cent from 62 per cent in the same quarter last year.

The company reported revenues of $69.7 billion in the quarter, up 13 per cent.

"In the second quarter our performance was driven by Search and Cloud. The investments we've made over the years in AI and computing are helping to make our services particularly valuable for consumers, and highly effective for businesses of all sizes," said Sundar Pichai, CEO of Alphabet and Google.

Pichai said that the company will continue to invest responsibly in deep computer science for the long-term.

Google's Search and Other revenue was $40.69 billion, up from $35.85 billion the year prior, boosted by travel and retail queries, said the company

YouTube advertising revenue was $7.34 billion vs $7.52 billion expected while Google Cloud revenue was $6.28 billion vs. $6.41 billion expected.

Alphabet said its headcount was up 21 per cent to 174,014 full-time employees.

Google has put a freeze on hiring for two weeks to review its headcount needs and decide on future course of action. The company last week announced to slow down hirings for the rest of the year.

--IANS

na/dpb

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :GoogleAlphabet IncAlphabet profit

First Published: Jul 27 2022 | 12:38 PM IST

Next Story