Alphabet, Google’s parent company, has released its financial report for the second quarter of 2022. Google’s search advertising business performed well, allowing the IT giant to come close to Wall Street analysts’ forecasts. Against this backdrop, Alphabet stock posted a 5.5% gain as investors believed the world’s largest online ad seller could weather the global recession better than many of its peers.
Alphabet executives voiced cautious concerns during an online meeting with investors, repeatedly using the words “uncertainty” and “uncertainty” to characterize the current situation in the economy. It was also said that YouTube ad sales in the second quarter grew at the slowest pace since the platform released its first statistics report in 2018. Alphabet management believes that Google is not immune from the recession, although the company has shown good results during the period.
Google’s customers around the world continue to prioritize online advertising on the company’s search engine as this marketing program targets people searching for related products, resulting in increased profits. Travel service providers and retailers contributed to a nearly 14 percent increase in Google’s online advertising sales to $40.69 billion in the second quarter. Alphabet’s total revenue for the three months was $69.69 billion Alphabet declined to $16 billion, or $1.21 per share, in the second quarter, while analysts had forecast earnings of $1.29 per share.