Google Ad Revenues Down 3.6% Year Over Year, Working On Cost Structure

Feb 3, 2023 - 7:11 am 1 by
Filed Under Google News

Google Earnings Stock

Google reported earnings last night and their ad revenue not only slowed but was technically lower year over year. Google's ad revenue was down about 3.6%, while total revenue was up just around 1%.

Here is the snippet from the earnings report showing that:

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Remember, Microsoft reported earnings the week prior and showed slowed growth but still growth. Microsoft Bing Ads grew 10% last quarter.

Here is a look at Google's earnings numbers for the past 3 years:

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You can see that Q4 2021 was higher than Q4 2022!

Ruth Porat, CFO of Alphabet and Google, said: “Our Q4 consolidated revenues were $76 billion, up 1% year over year, or up 7% in constant currency, and $283 billion for the full year 2022, up 10%, or up 14% in constant currency. We have significant work underway to improve all aspects of our cost structure, in support of our investments in our highest growth priorities to deliver long-term, profitable growth.”

Hence the mass Google layoffs to cut costs and increase profit. Keep in mind, Google's profit was insane - $18 billion, that is $1 billion in profit per week! Sure, Google's net income was down 34% year over year, so I get Wall Street.

Forum discussion at Twitter.

 

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