Google Parent Company Alphabet Tops Expectations with $15 Billion Quarterly Profit
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Last Updated: April 26, 2023, 03:05 IST Rise in profit show that search engine behemoth Google is regaining its footing. (File Photo) Its quarterly revenue came in at nearly $70 billion, a billion better than expected by analysts Google parent company Alphabet beat market expectations in the first quarter of 2023 with a net profit of $15 billion, the company said on Tuesday, in a sign that the search engine behemoth is regaining its footing. The tech titan has found itself under pressure due to a general slowdown in advertising spending, over-hiring during a Covid-era boom and a major challenge by Microsoft on artificial intelligence. Its quarterly revenue came in at nearly $70 billion, a billion better than expected by analysts, and in the same three-month period that the company said it would lay off 12,000 staff, or six percent of its workforce. In its results, Google announced a $2 billion charge for expected costs for the sackings. Google became a focus of worry when M...