Monday, January 30, 2023

Google’s Page Stung as Ad-Price Decline Means Results Miss

Bloomberg BusinessWeek: Google’s quarterly results failed to meet analysts’ expectations, leading to a swift decline in the company’s stock price. Google reported revenue of $8.13 billion, which fell short of the expected $8.41 billion. Similarly, the $9.50 profit per share also did not meet expectations of $10.50 per share. “Google looks more mortal this quarter,” said Colin Gillis, analyst at BGC Partners LP in New York. “A lot of what Larry Page is doing is a lot more tolerable to investors when the business is firing on all cylinders.”

Observers say much of the blame for the disappointing results should fall to ad prices, which declined 8 percent during the quarter. Ad sales in Europe were particularly weak.

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