Google’s parent company Alphabet posted disappointing ad sales numbers in its third-quarter results, leading to a fall in the company’s share price, while indicating a dismal outlook for overall business confidence and the economy.
Total operating income for the quarter ended Sept. 20 was $17.1 billion, a decline of more than 18 percent from 2021’s third-quarter income of $21.0 billion. The operating margin also shrank, from 32 percent last year to 25 percent. Google Services income, which includes ads, play store, and YouTube, registered a decline of more than 17 percent.
Although third-quarter total revenues went up, from $65.1 to $69.1 billion, net income went down almost 27 percent, from $18.9 billion to $13.9 billion. Net income, year to date ended Sept. 30, declined by more than 16 percent. Analysts on average expected revenue to be $70.58 billion, based on Refinitiv data….
Source: The Epoch Times