YouTube Q2 Ad Revenue Growth Slows, Google’s Search Sales Fall Nearly 10%

Google ad rebound offsets Alphabet's first-ever sales drop

Yes, but: Despite beating expectations on revenue, the company still reported its first-ever decline, thanks to a reduction in the advertising growth rate thanks to the coronavirus pandemic.

Chief Financial Officer Ruth Porat had tamped down expectations in April, warning the second quarter would be "difficult" for the company's ad business. GCP growth was again led by Google Cloud's infrastructure offerings and data and analytics platform, she said.

Alphabet added approximately 4,000 new employees, making the full-time workforce consist of 127,498 during the second quarter. But with the present revenue, the company saw a decline of 2% from the second quarter of 2019. On Monday, Google said workers could stay home until July 2021 if they wanted to.

The internet giant on Thursday reported almost $38.3 billion in revenue for the second quarter, down 2% from the year prior.

Alphabet's profit was almost US$7 billion, or US$10.13 per share, above analysts' average estimate of US$5.6 billion, or US$8.29 per share, for the quarter.

Still, revenue was higher than the $37.4 billion Wall Street analysts had expected.

"We continue to navigate through a hard global economic environment", she said.

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"In some ways it's a return to our principles", said Pichai. "And we are helping many government agencies deliver care for their citizens, including the states of Oklahoma and NY here in the USA, and Italy and Spain in Europe".

The Google parent reported revenue declined two per cent from a year ago.

Revenue regained ground in the second quarter in search and at video-sharing platform YouTube, showing signs of stabilisation by the end, according to Google executives.

Google shares, which have gained 15% this year, rose about 0.5% in extended trading following the report.

"What we're looking at is really how to reimagine what the workplace will look like", Porat said.

Google is also facing antitrust probes along the same lines by the Department of Justice and 50 attorneys general investigating Google company's search and Android businesses.

"On the regulatory front, we've obviously been operating under scrutiny for a while, and we realize - at our scale - that's appropriate, and we have engaged constructively across jurisdictions", Pichai said. "I think the scrutiny is going to be here for a while, and so we are committed to working through it".

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