Google’s owner missed expectations as it delivered its third-quarter results.
Alphabet, which also owns You Tube, pulled in revenues of £60billion in the three months to September – falling short of the £62billion analysts had predicted.
The revenue from adverts on You Tube underwhelmed, pulling in at £6.16billion compared to the £6.47billion pencilled in, as companies around the world cut back on their spending in the face of economic turmoil.
Google-owner Alphabet, which also owns You Tube, pulled in revenues of £60bn in the three months to September – falling short of the £62bn analysts had predicted
Shares in the company – which released its results after the US stock market closed – slid more than 5 per cent in so-called after-hours trading.
Chief executive Sundar Pichai said: ‘We’re sharpening our focus on a clear set of product and business priorities.’
But the revenue growth of 6 per cent on a year earlier, compared to 41 per cent over the same time in 2021, was the weakest since 2013 bar one period early in the pandemic.
Microsoft, however, just beat expectations for its first-quarter results. Revenue hit £43.7billion, nudging past forecasts of £43.2billion.
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