(San Francisco) Alphabet, Google’s parent company, posted third-quarter revenue of $69.1 billion, up 6% year-on-year, the weakest revenue growth since 2013, excluding the start of the pandemic.
Posted at 4:35 p.m.
Updated at 4:53 p.m.
The net profit of the Californian group stood at 14 billion dollars, a result well below expectations.
Its title lost nearly 6% during electronic trading after the closing of the New York Stock Exchange.
From July to September, the world’s number one online advertising company saw its advertising revenue increase very slightly, to $54.5 billion.
But advertising revenue from its YouTube platform fell 2% to $7 billion, as the market expected a small uptick.
Google suffers budget cuts from advertisers who face inflation and rising interest rates.
“It’s been a tough quarter for digital advertising. The macroeconomic headwinds have become strong enough for Google to slow down hiring, in order to boost its profits,” notes Evelyn Mitchell, analyst at Insider Intelligence.
The results of the internet giant suffer from the comparison with the year 2021, when the pandemic and health restrictions largely favored digital activities.
The meteoric rise of TikTok has also undermined the dominance of Google and Meta (Facebook, Instagram) in the global online advertising market.
In 2021, this entertainment app surpassed Google as the most popular website in the world, according to Cloudflare, an internet infrastructure and services company.
Google Cloud, the group’s remote computing business, on the other hand, continued to grow, with quarterly revenue of $6.9 billion, up from $5 billion in the same period last year. .