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Technology decline for profits for Google mother Alphabet

08:50  27 july  2022
08:50  27 july  2022 Source:   tagesspiegel.de

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also Google also feels the downturn in the online advertising market: the business grew slower in the past quarter and the gain in the parent company Alphabet decreased significantly. At the same time, the online giant demonstrated that it is well positioned to get better than smaller competitors through the market weakness.

Das Google-Logo am Granary Square in London. © Alastair Grant/AP/dpa The Google logo on the Granary Square in London.

The quarterly profit of Alphabet decreased from $ 18.5 to $ 16 billion in the year, as the Internet giant announced on Tuesday after the US exchange conclusion. Meanwhile, sales increased by 13 percent to $ 69.7 billion (68.9 billion euros). The most important area of ​​the group - the Google advertising business - grew by 11.6 percent to $ 56.3 billion in the year.

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With the high inflation and the weakening economy, a downturn in online advertising expenses is emerging because companies step on the cost brake. With the Snapchat video app, this was noticeable with the slowest growth rate so far. One question is whether the two giants Google and Facebook also feel the cooling - or their size and efficiency make them more attractive for advertising customers, especially in the current situation.

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The business with advertising in the area of ​​Google's Internet search grew by 13.5 percent to around 40.7 in the year Billion dollars. The proceeds on the YouTube video platform increased more slowly than before by 4.8 percent to a good $ 7.3 billion. CFO Ruth Porat pointed out that the previous year's quarter was exceptionally strong with the upswing after the loosening of the first pandemic restrictions. At the same time, she admitted that some advertising customers drove their expenses back. The operational profit of the Google services only grew from $ 22.34 to $ 22.77 billion. In the current quarter, headwinds can be expected, Porat said.

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The catch-up to Amazon and Microsoft in the cloud business can continue to cost Google a lot of money. While sales of the division grew by 35.6 percent to just under $ 6.3 billion, its operational loss also expanded by $ 45 percent to $ 858 million.

Although some expectations of the analysts were missed, investors were satisfied with the numbers and let the alphabet share increase by 4.8 percent. The course of the Snapchat company Snap, on the other hand, was sagged by more than a third after the disappointment of her weakened growth last week.

"I think it's a good moment to sharpen our focus," said the head of Google and Alphabet, Sudar Pichai, in a conference call with analysts. The group will continue to think in the long term and invest in artificial intelligence, among other things.

The turnover of the so-called “other bets” under the alphabet roof such as the robot car company Waymo stagnated at $ 193 million. The operational loss of the area also grew from 1.4 to almost $ 1.7 billion. At Waymo, Alphabet is investing in the establishment of a robotaxi service in San Francisco.

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