Google-parent Alphabet Inc missed market estimates for quarterly revenue on Tuesday as advertisers cut back on spending in the face of an economic slowdown.
Fears that consumers will cut back on spending as interest rates rise and inflation soar have strained the global online advertising market, prompting companies such as Snap Inc to issue revenue growth warnings. Alphabet shares fell 2.5% in after-hours trading. Google’s advertising revenue was $54.48 billion in the third quarter, up from $53.13 billion the previous year. The company reported total revenue of $69.09 billion in the fiscal quarter ended September 30, up from $65.12 billion the previous year.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
