Alphabet, owner of Google, exceeds revenue forecasts – 04/25/2023 – Market
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Alphabet, parent company of Google, beat market expectations for the first quarter on Tuesday (25), with increased advertising and steady demand for its cloud services.
The company also announced a $70 billion share buyback plan, raising its shares by about 3% in US post-market trading.
Advertisers, who contribute most of Alphabet’s sales, have shifted their budgets from untested advertising models to proven platforms such as Google and YouTube.
The company, meanwhile, has sought to keep a tight rein on costs amid recession fears and decided to cut about 12,000 jobs in January.
Alphabet has also increased its focus on artificial intelligence in its race to regain ground lost to Microsoft’s Bing and OpenAI, developer of ChatGPT.
Revenue for the quarter ended March 31 was $69.79 billion, compared with an estimated $68.95 billion, according to Refinitiv data.
The company reported net income of US$15.05 billion in the first three months of the year, compared to US$16.44 billion in the previous year.
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