A logo outside the Google Store Chelsea in New York, U.S., on Friday, May 28, 2021. The Google Store will display and sell a variety of product such as Pixel phones, Nest smart home devices, Fitbit trackers, Pixelbooks, and more. Photographer: Victor J. Blue/Bloomberg
Locked
Google parent Alphabet drops as earnings, sales miss estimates
Google parent Alphabet Inc. said on Tuesday it would slow hiring and control expenses, signaling that it was girding for tough times ahead.
By Julia Love
(Bloomberg) — After reporting earnings and revenue that missed expectations, Google parent Alphabet Inc. said on Tuesday it would slow hiring and control expenses, signaling that it was girding for tough times ahead as the economy falters.
Google's advertising juggernaut, which had largely dodged the digital-ad slowdown that hit rivals earlier this year, is no longer immune. Alphabet said third-quarter sales, excluding payments to distribution partners, were $57.27 billion. That compared with the average analyst projection for $58.18 billion.
___STEADY_PAYWALL___