After September, companies started to announce their third quarter figures one by one. Google’s parent company Alphabet is one of these companies. The third quarter figures of the company, which announced that it will implement new policies in response to its declining revenues, draw attention again.
Google’s revenues rise, profit figures fall
In the company’s newly announced earnings reports, it is seen that the decrease in profit figures continues despite the increase in revenues. This quarter, the company reported revenue of approximately $69 billion and a profit of $13.9 billion.
When we compare it with the same period of last year, we see that Google made $ 65.1 billion in revenue and reached a profit of 18.9 billion. The technology giant earned $69.7 billion in the last quarter, while it generated approximately $16 billion in revenue.
Google in trouble: sued for data breach!
Technology giant Google sued for data breach! The firm must pay a fine per violation.
Many of Google’s businesses also continue to grow year over year. Advertising and Google Cloud are among the sources that bring the most revenue to the company, while YouTube and Google Network revenues are decreasing. Google CEO Sundar Pichai also announced that the company had the most successful quarter for Pixel devices.
While the company is experiencing growth in almost all income sources, it is looking for solutions to its losses in profit. With this goal, the company plans to first part ways with some of its employees or reorganize the teams. In addition, Google has taken the decision to slow down hiring.
Google is also ending some of its projects. In September, the company, which canceled its work for the next generation Pixelbook, also announced that it was ending its gaming platform Stadia. It is said that Google may add new projects to the recently canceled projects.
The economic crisis seems to have negatively affected all large companies. Google is just one of them. So what do you think about the revenue growth and profit decline that Google has experienced? You can share your views with us in the comments section.