January 29, 2023

Dawson County Journal

Dawson County, Nebraska

Google’s Ad Sales Slow Sharply, an Ominous Sign for US Economy

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