Google's ad sales slow dramatically as parent's profit falls
Summertime revenue growth at Google’s corporate parent slipped to its slowest pace since the pandemic jarred the economy more than two years ago
SAN FRANCISCO (AP) — Summertime revenue growth at Google’s corporate parent slipped to its slowest pace since the pandemic jarred the economy more than two years ago, with advertisers clamping down on spending and bracing for a potential recession.
Alphabet Inc., which owns an array of smaller technology companies in addition to Google, posted revenue of $69.1 billion for the July-September quarter, a 6% increase from the same time last year.
It marked the first time Alphabet’s year-over-year quarterly revenue has risen by less than 10% since the April-June period of 2020. At that time, the advertisers that generate most of its revenue pulled in their reins amid economic uncertainty caused by widespread lockdowns during the pandemic’s early months.
Google's ad sales weakened even more dramatically than Alphabet's overall revenue. Ad revenue totaled $54.5 billion, up just 2% from the same time last year.
