The financial earnings for the third quarter of the year were released on Tuesday. The company's revenue grew by 6 percent but was slightly lower than the second quarter.
YouTube ads brought in just over $7 billion in revenue, which is less than last quarter's $7.34 billion and $7.2 billion during the same period the previous year. During Tuesday's earnings call, the company reiterated that advertisers were reducing spending on the video-sharing site. According to recent company announcements, Pichai has a positive outlook.
Pichai said that they are sharpening their focus on a clear set of product and business priorities. Significant improvements to both Search and Cloud, powered by artificial intelligence, and new ways to monetize YouTube shorts have been shown in the product announcements we've made in the last month. Being responsive to the economic environment is one of the things we focus on.
Youtube was the biggest disappointment, down 2% yy, which is 5% below the Street.Search grew 4% yy but missed estimates by 4%. That compares to 14% growth last quarter.October 25, 2022
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The opening of the YouTube partner program to shorts creators may help it compete with services such as TikTok by attracting more creators. Various updates to Search and how it's expanding the ways consumers can discover and shop for new products were among the announcements made at the Search On event.
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During the earnings call, Pichai also highlighted other announcements, such as the Pixel 7 and Pixel Watch devices that launched this month and will contribute some toAlphabet's Q4 revenue, although Google's hardware revenue is only a fraction of what it gets from ads The "Other" revenue grew to almost $7 billion. I'm proud of the positive reviews so far, and we recently had our highest-selling week ever.
Several shifts away from lower priority efforts to fuel higher growth priorities have been made by the company. Recent changes include shutting down Stadia and winding down projects. Some fans were hoping for the cancellation of the long-awaitedPixelbook successor. The company seems to be focused on solidifying itsPixelecosystem by expanding into new devices, like the upcomingPixel tablet.
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