Feb 2 (Reuters) – Alphabet Inc (GOOGL.O) on Thursday fell short of Wall Street’s expectations for quarterly profit and revenue as the Google parent’s digital ad business struggled with an economic slowdown that has choked corporate spending and triggered mass layoffs. Shares of Alphabet, were down about 4% in after-hours trading, after losing about 40% of their value in 2022. Revenue from Google advertising, which includes Search and YouTube, fell 3.6% to $59.04 billion. "We’re on an important journey to re-engineer our cost structure in a durable way," Alphabet Chief Executive Sundar Pichai said in a statement, echoing Meta Platforms (META.O) boss Mark Zuckerberg’s emphasis on Wednesday on cost efficiencies . Advertisers, who contribute the bulk of Alphabet’s sales, pulled back on spending as rising inflation and interest rates fueled concern over consumer spending. Consumers had flocked to the internet for everyday purchases during the height of the pandemic but have returned to in-person shopping as restrictions have eased. "Despite being seen as one of the most insulated companies in the advertising space relative to peers, Alphabet’s poor quarter is the latest sign that worsening fundamentals and a tough macroeconomic environment are prompting advertisers to cut back on spending," […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
