Monday, 25 Nov 2024

Alphabet revenue soars in first quarter amid wider industry slowdown

Alphabet revenue soars in first quarter amid wider industry slowdown


Alphabet revenue soars in first quarter amid wider industry slowdown
1.1 k views

Alphabet stocks rose in after-hours trading on Tuesday after the tech firm beat analyst expectations for first-quarter earnings, marking an unexpectedly bright spot in the otherwise struggling tech sector.

The company reported first-quarter revenue of $69.8bn, up 3% year-over-year and above analyst predictions of $68.9bn. Its cloud business reported a profit for the first time since its launch, taking in $191m.

While in previous earnings reports Alphabet fared better than some of its peers such as Meta and Twitter, it had stumbled in recent months, announcing in August it would freeze hiring. In January it cut more than 12,000 jobs, or 6% of its global workforce and a leaked internal memo in March revealed Alphabet would be cutting back on some employee perks in an effort to save money.

YouTube ad revenue was down 2.6% in the quarter, but at $6.69bn still beat the $6.64bn expected by analysts.

The rare beat comes as the tech sector continues to hobble through a downturn. All eyes will be on ongoing earnings reports, with Meta set to release its own on Wednesday and Apple reporting on Thursday.

you may also like

Italy expected to draw travelers by the millions as Pope Francis kicks off Holy Year
  • by foxnews
  • descember 09, 2016
Italy expected to draw travelers by the millions as Pope Francis kicks off Holy Year

The 2025 Jubilee will bring tourists to the Vatican, Rome and Italy to celebrate the Catholic tradition of patrons asking for forgiveness of sins. Hope will be a central theme.

read more