August 8, 2022

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Alphabet owner of Google jumps after the release of numbers – E24

Google’s sales were $69.7 billion in the April-June period.

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In Google’s latest quarterly report, published Tuesday evening, the company appears to have earned $1.21 earnings per share.

At the same time, the turnover amounted to 69.7 billion dollars, or 690 billion kroner.

That’s 13 percent growth from the same quarter last year, and Google’s weakest growth since the pandemic in the second quarter of 2020.

Alphabet shares were up four percent in aftermarket trading after the numbers were released Tuesday night, after the final numbers were very close, but somewhat lower, than analysts’ estimates provided earlier.

Strong growth for Google Cloud

Revenues per billion came mainly from ads on Google search, while Youtube made up about one-eighth of advertising revenue. Ad revenue totaled $56 billion, according to the quarterly report.

Another $6.2 billion in revenue came from Google Cloud. This gives the sector a whopping 35 percent growth over the second quarter of last year.

At the same time, the number of employees rose from 144,000 to 174,000. That was about 8,000 more employees than analysts expected, after the head of Google announced earlier in July that fewer employees will be hired in the future, due to the stagnant economy.

Bjelleku for the Internet industry

Earlier in the results season, Twitter reported lower revenue and lower ad revenue than expected.

Soon, Snap came out with quarterly numbers, with the result ending up with an additional $100 million in red. Snap stock was heavily penalized on the stock exchange with a temporary 25 percent drop.

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Google is a pioneer in the internet industry and ad revenue here, He writes for the Wall Street Journal. Thus, Google’s weak growth could signal weakness in an industry that is critical to the rest of the Internet industry, according to the WSJ.