Google parent-company Alphabet beat expectations for its second quarter earnings Thursday, marking its first revenue decline in the company’s history. CNBC reports: Here’s how it did against Refinitiv consensus estimates:
EPS: $10.13 (non-GAAP), vs. $8.21 estimated.
Revenue: $38.30 billion vs. $37.37 billion estimated.
Although the company reported its first annual revenue decline in history (a drop of 2%), the stock rose slightly after-hours. As a result of the customer pullbacks and the general maturing ad market, Alphabet itself cut marketing spending by half and instituted hiring freezes for the second half of the year in anticipation of a slowdown, CNBC reported. Around that time, Alphabet CEO Sundar Pichai said Google would be pulling back on some of its investments for the rest of the year amid the Covid-19 crisis, starting with hiring.
of this story at Slashdot.
Source:: Slashdot