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Google announced disappointing quarterly earnings of $1.05 per share and revenue of $76.05 billion. Profits fell 21% to $59.9 billion, despite the company’s revenues rising 10% during the year to $282.8 billion. YouTube revenue from advertising decreased in the fourth quarter of 2022 by 8% on an annual basis, to reach $ 7.96 billion.
Quarterly performance
Earnings per share (EPS): $1.05 vs. $1.18 per share, Refinitiv estimates
Quarterly revenue: $76.05 billion, vs. $76.53 billion expected, Refinitiv estimates
YouTube advertising revenue: $7.96 billion vs. $8.25 billion projected, according to StreetAccount estimates.
Google Cloud revenue: $7.32 billion vs. $7.43 billion expected, according to StreetAccount estimates
Traffic Acquisition Costs (TAC): $12.93 billion vs. $13.32 billion projected by StreetAccount.
Layoffs
Google, which has long considered itself a pioneer in innovation, has been caught off guard by the sudden emergence of user-friendly AI applications such as ChatGPT, which is seen as a potential competitor to Google’s mass search engine.
The results from the world’s largest technology companies come after several weeks of unprecedented rounds of layoffs in the normally irreplaceable sector amid pessimism about the economic outlook.
The depressed mood came after a long period of explosive growth during the peak period of COVID-19 when consumers were using the Internet for work, shopping and entertainment.
Last month, CEO Sundar Pichai announced a plan to lay off 12,000 people in order to reverse the pandemic’s overstaffing and focus on new areas, especially artificial intelligence.
technology companies
The results from the world’s largest technology companies come after several weeks of unprecedented rounds of layoffs in the usually irreplaceable sector amid pessimism about the economic outlook.
The depressed mood came after a long period of explosive growth during the peak period of COVID-19 when consumers were using the Internet for work, shopping and entertainment.
Meta, which announced a smaller-than-expected decline in sales in 2022, said it was the first time the company had updated the data on an annual basis since the company went public in 2012.
The social media giant said sales fell 1% to $116.6 billion, while also announcing that Facebook had two billion daily users for the first time. Meta shares jumped 25 percent on Thursday.
