Alphabet Reports Strong Q2 2023 Results with Growth in Advertising and Cloud Services
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Alphabet Q2 23 – 26/07
Google owner Alphabet also reported a solid set of Q1 results, driven by an uptick in advertising and increased demand for its cloud services. Total revenues of $69.8bn, and profits of $15.05bn, a modest decline from the same quarter last year, but above forecasts of $1.07c at $1.17c a share.
Cloud services saw an increase in revenue to $7.45bn, which helped offset modest declines in advertising and YouTube revenues. YouTube revenue fell 2.6% to $6.69bn, while advertising came in at $54.55bn.
The company also announced a $70bn share buyback, while also announcing it was taking a $2bn charge in respect of severance costs for the 12,000 job losses reported earlier this year, as well as another $564bn on top in relation to reduced office space.
