Alphabet reports revenue and earnings beat for first quarter
Publishing timestamp: 2023-04-25 21:25:37
Summary
Alphabet reported Q1 results that beat analysts' estimates, with revenue of $69.79 billion and earnings of $1.17 per share. The company also announced a $70 billion share buyback. However, Google is facing challenges in the weak online ad market and has had to make significant cost-cutting measures, including laying off 12,000 employees and reducing office space. The company's cloud-computing business is finally generating profit, but revenue in Other Bets, which includes Verily and Waymo, decreased. Google is also facing competition from Microsoft's Bing and AI-based chatbot ChatGPT. Despite these challenges, Google remains the dominant player in the search market and plans to announce updates to its products at its annual developer conference next month.
Sentiment: MIXED
Tickers: MSFT, GOOGL, META, AMZN, GOOG,
Keywords: microsoft corp, meta platforms inc, internet, breaking news: technology, google, business news, amazon.com inc, technology, alphabet inc, alphabet class c, earnings,
Source: https://www.cnbc.com/2023/04/25/alphabet-googl-q1-earnings-report-2023.html