Alphabet’s quarterly revenue growth fell to its slowest pace in two years, but the internet advertising giant said its search and cloud businesses had fared well despite increasing macroeconomic headwinds. The Google parent on Tuesday reported a 13 per cent rise in revenues during the June quarter to $69.7bn, missing estimates for $70.8bn and marking the fourth consecutive quarterly slowdown compared with the previous year. Operating margins also slipped to 28 per cent, down 3 percentage points from a year ago. Read More...
The Telegraph
Google profits slump as recession fears mount
Google has suffered its slowest quarterly sales growth in two years, in the latest sign of a global downturn for tech. Alphabet, the search engine giant’s parent company, posted a 12pc rise in quarterly revenue to $69.7bn (£57.96). The performance, while better than rivals, was its weakest growth in two years and profits fell 13.6pc to $16bn. Advertising revenue, earned largely from its search business, rose by 2.2pc. Ruth Porat, chief finance officer of Alphabet and Google, called it a “solid p
