Alphabet on Thursday reported lower-than-expected quarterly revenue as the Google parent's digital advertising business struggled under an economic slowdown that has choked corporate spending and triggered mass layoffs.
Shares of Alphabet, which lost about 40 per cent of their value in 2022, were down nearly 5 per cent in after-hours trading to $102.78.
Revenue from Google advertising, which includes Search and YouTube, fell to about $59 billion from $61.2 billion, as advertisers — the biggest contributors to Alphabet's sales — dialled back spending to cope with persistent inflation, high interest rates and recession fears.
Google is the world's largest digital advertisement platform by market share, making it uniquely susceptible to fluctuations in online marketing spending.
Its YouTube division has faced a surge in rival platforms, particularly TikTok, whose endless scroll of short videos is drawing younger users away.
However, Big Tech peer Meta impressed investors with a quarterly results announcement that featured promises to slash costs and boost offerings to capitalise better on advertising dollars.
Alphabet's net income fell to $13.6 billion, or $1.05 per share, from $20.6 billion, or $1.53 per share, a year earlier.
Revenue rose to $76 billion in the fourth quarter from $75.3 billion a year ago. Analysts were expecting $76.5 billion, according to IBES data from Refinitiv.
Google, which has long seen itself as an innovation leader, was caught off guard by the sudden rise of user-friendly AI apps such as ChatGPT, which is seen as a potential rival to Google's all-powerful search engine.
Chief executive Sundar Pichai last month announced a plan to lay off 12,000 people to reverse pandemic overhiring and focus on new areas, especially artificial intelligence.
Agencies contributed to this report
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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More on animal trafficking
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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