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Instead of a 3% rise in revenue for YouTube as Wall Street analysts forecast, the streaming video site saw its gross drop by 1.9% on an annual basis during the third quarter. This, plus lower-than-expected top and bottom line figures, led the shares of Google parent Alphabet to plunge by $9.25 or 8.85% to $95.23 in Wednesday afternoon trading.
Overall, Google’s advertising revenue for the period was $54.48 billion, a gain of 2.5% from the $53.13 billion in advertising revenue collected by the company during 2021’s third quarter. Google’s Chief Business Officer Philipp Schindler said that spending on search ads for sectors like insurance, loans, mortgage, and cryptocurrencies had fallen during the quarter.
The release of the Pixel 7 series came too late to be included in the third quarter
Except for a quarter early during the pandemic era, this report reveals the slowest growth during a three-month period for Google since 2013. Google CEO Sundar Pichai says that he wants to make the company 20% more efficient which could result in job and product cuts. The headcount rose sharply to 186,779 full-time workers, up from 150,028 during the 2021 third quarter.
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