Alphabet, parent company of Google and YouTube, turned in fourth-quarter 2022 earnings that missed analyst estimates, as YouTube’s ad revenue again notched a year-over-year decline.
Overall, Alphabet posted revenue of $76.05 billion, up just 1%, and net income of $13.62 billion (versus $20.6 billion in Q4 2021), or earnings of $1.05 per share. YouTube ad revenue was $7.96 billion in Q4, down 7.8% from $8.63 billion a year earlier.
Analysts expected YouTube advertising revenue to come in at $8.2 billion for the most recent quarter, per FactSet. Total revenue was pegged at $76.58 billion, with earnings per share of $1.19, according to Refinitiv.
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Alphabet, along with other tech companies, recently announced layoffs to reduce costs. The tech giant last month said it was eliminating 12,000 jobs, or 6% of its global workforce.
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