Google's Parent Company Revenue Growth Slows in Q3 2022: Here's Why

Technology & Telecommunications

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Cindy Mutia Annur 26/10/2022 16:20 WIB

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Google's parent company, Alphabet Inc., reported revenue of US$69.09 billion in 2021. This represents a growth of only 6% compared to the same period last year.

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Alphabet Inc. Revenue Q3 (2017-2021)

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Google's parent company, Alphabet Inc., reported revenue of US$69.09 billion in Q3 2022. This represents a 6% year-on-year (YoY) increase from US$65.11 billion in the same period last year.

This figure fell short of analysts' estimates of US$70.58 billion, according to Refinitiv data.

One reason for the slowdown in Alphabet's revenue growth in Q3 2022 was a 2% YoY decline in YouTube advertising revenue. YouTube ad revenue decreased from US$7.2 billion to US$7.07 billion.

“Google's missed earnings this quarter prove that Google is not immune to the challenges facing the broader digital advertising industry,” said Jesse Cohen, Senior Analyst at Investing.com, as quoted by Reuters on Wednesday (October 26).

Furthermore, Google Network revenue also decreased by 1.5% YoY in Q3 2022, falling from US$7.99 billion to US$7.87 billion.

Meanwhile, Google Search remained the largest revenue contributor, generating US$39.53 billion, or 57.21% of the company's total revenue.

As of Q3 2022, Alphabet Inc. had 186,779 employees. This is a 24.49% increase compared to the previous year's figure of 150,028 employees.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."