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Major corporations often don't want to seem like they're taking one side politically, so they either sponsor both conventions, or neither. Conventions could see new sponsorsThe Democratic and Republican conventions this summer are the first fully in-person conventions since the 2016 election. Democratic convention organizers in April said if corporations had any reluctance to back the RNC, it hasn't hampered Chicago's efforts to lure donors. Microsoft in 2012 contributed over $1.5 million in a mix of in-kind and cash contributions to the Republican convention. JPMorgan donated $200,000 to the 2012 Republican convention and didn't write a check for the 2016 event.

Persons: Donald Trump, Jon Cherry, Rashad Robinson, Robinson, —, Fiserv, Greg Goldner, Trump, Donald Trump's, aren't, they'll, Joe Biden, Trent Morse, Morse, they've, Alison Prange, Reince Priebus, Priebus, it's, Steve Kornacki's, Biden, Nancy Pelosi, Michelle Yeoh, Natalie Edelstein, Michael Sacks, Sacks, J.B . Pritzker, Barack Obama, Alex Hornbrook, There's, Taylor Swift, she's, Mitt Romney, Obama, didn't, General Motors Organizations: Christian Media, The Gaylord, Center, Getty, Republican National Convention, Republican, NBC News, Trump, Fiserv Inc, Democratic, Fiserv, RNC, Resolute Consulting, GOP, Corporations, Fortune, Milwaukee Journal Sentinel, Democrats, White House, Milwaukee, NBC, Wall, Republican National Committee, Wall Street, Biden, TV, Kentucky Derby, Street Journal, Northwestern Mutual, Wisconsin Fortune, Democratic National Convention, WEC Energy Group, Manpower Group, Conventions, Metropolitan Milwaukee Association of Commerce, DNC, Convention, Chicago, Longtime Democratic, Illinois Gov, White, Correspondents, Commission, Facebook, Google, Microsoft, Bank of America, FEC, Meta, Skype, CNBC, JPMorgan Chase, Walmart, JPMorgan, General Motors, General, Motors, Comcast, Press, Trade Locations: Nashville , Tennessee, Milwaukee, Wisconsin, America, Chicago, NBCUniversal, Philadelphia

☆ We're boosting our price target on Alphabet by $30 after it delivered the quarter we've been waiting for
▼ + stars: | 2024-04-25 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Alphabet on Thursday delivered a knockout first-quarter report, with sales, operating margin and profits all topping Wall Street expectations. Alphabet Why we own it : Alphabet's Google Search is an invaluable tool for advertisers. Alphabet's big three watch items for investors — Search, YouTube, and Google Cloud — all delivered better-than-expected revenues in the quarter, leading to companywide sales topping estimates. It exited the quarter with $108 billion in cash, cash equivalents and marketable securities on its balance sheet, compared with $110.9 billion at the end of 2023. At 20 cents a share, Alphabet's dividend yield stands at 0.51% based on Thursday's close.

Persons: we've, It's, Sundar Pichai, Ruth Porat, TikTok, Philipp Schindler, Pichai, Porat, we're, Alphabet's, Jim Cramer's, Jim Cramer, Jim, David Paul Morris Organizations: YouTube, Microsoft, Management, —, Google, Google Services, Capital, buybacks, Meta, Apple, CNBC, O, Bloomberg, Getty Locations: That's, Mountain View , California

☆ Here's our fourth-quarter earnings report card for 31 stocks in the portfolio
▼ + stars: | 2024-03-19 | by ( Zev Fima | ) www.cnbc.com time to read: +14 min

Please note, that Abbott Laboratories is not listed below as we did not own the name before the company's earnings release. Meta Platforms had one of the best earnings reports of the entire season, as sales, earnings, and cash flow trounced expectations. Despite missing earnings expectations, Coterra Energy delivered where it matters most: discretionary and free cash flow. Honeywell 's earnings results weren't great, with sales missing across the board and segment profit results coming up mixed. Given the stock's reaction, one might wonder why we don't think the earnings results from Palo Alto Networks were flat-out ugly.

Persons: we've, Eaton, Eli Lilly, Mounjaro, Bausch, Estee Lauder, Fabrizio Freda's, Linde, shouldn't, Morgan Stanley, Procter & Gamble, Stanley Black, Decker, We're, Wells Fargo, Nikesh Arora, Palo, they've, Locker, Jim Cramer's, Jim Cramer, Jim, Satya Nadella, Nadella, SeongJoon Cho Organizations: Abbott Laboratories, Wall, GE Healthcare, Meta, Microsoft, Investors, Nvidia, Wynn Resorts, Pharmaceuticals, Broadcom, Coterra Energy, Disney, Federal Deposit Insurance Corporation, Procter &, TJX, Google Services, Constellation Brands, Costco Wholesale, Costco, DuPont, Honeywell, Palo Alto Networks, Palo Alto, Management, Jim Cramer's Charitable, CNBC, Bloomberg, Getty Locations: U.S, Ford, China, Macao, Las Vegas, Boston, Wells Fargo underdelivered, Seoul

☆ Big American Tech Profits From Chinese Ad Spending Spree
▼ + stars: | 2024-03-06 | by ( Daisuke Wakabayashi | Mike Isaac | ) www.nytimes.com time to read: +1 min

Temu, the international arm of the Chinese e-commerce giant Pinduoduo, is flooding Google with ads for absurdly inexpensive goods. With an initial public offering looming, the fast-fashion merchant Shein is inundating Instagram with ads for clothes and accessories at rock-bottom prices. Developers of China’s video streaming and gaming apps are dumping marketing dollars into Facebook, X and YouTube to entice potential users. In the last year, Temu has placed about 1.4 million ads globally across Google services, and at least 26,000 different versions of ads on Meta, according to Meta’s Ad Library. “You can’t escape their ads across Facebook, Instagram and Google Search.”

Persons: Shein, Temu, ”, Canaves Organizations: Facebook, YouTube, Google, Meta, Ad Locations: China, United States, eMarketer

☆ How Nvidia's AI strengths are enhancing the businesses of Alphabet, Microsoft, Meta, Amazon
▼ + stars: | 2024-02-22 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

There are "major companies and verticals that have not even considered the H100" yet, he added, referring to Nvidia's AI must-have GPU. A few weeks ago, we combed through the latest earnings reports from Google-parent Alphabet, Microsoft, Meta Platforms and Amazon to see how their AI spending plans are benefitting Nvidia. After Wednesday evening's killer quarterly release, Nvidia talked about how it is helping the businesses of fellow Club names Google, Microsoft, Meta and Amazon. Alphabet continues to heavily invest in AI applications to improve the performance of its services including Google DeepMind, Google Services, Gemini, and Google Cloud. "Nvidia DGX Cloud will expand its list of partners to include Amazon's AWS, joining Microsoft Azure, Google Cloud and Oracle Cloud.

Persons: Jim Cramer, Jim, Jensen Huang, Colette Kress, Kress, Mark Zuckerberg, we've, Gemma, Satya Nadella, Copilot, Jim Cramer's, Omar Marques Organizations: Nvidia, Google, Microsoft, Meta, Companies, Nvidia H100s, Google Services, Gemini, Management, Amazon's AWS, Oracle, NVIDIA, Amazon Web Services, CNBC, Getty

☆ We're raising our Alphabet price target after earnings that shouldn't have dinged the stock
▼ + stars: | 2024-01-30 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

Alphabet delivered better-than-expected fourth-quarter sales and earnings after the closing bell Tuesday. Total revenue rose 13.5% year-over-year to $86.31 billion, outpacing the $85.33 billion expected, according to estimates compiled by LSEG. However, it wasn't enough to jump over the high expectations that come with a stock trading at all-time highs. Google Search sales in Q4, by far the largest contributor to overall revenue, gained 12.7% to a lower-than-expected $48.02 billion. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Copilot, Ruth Porat, We're, Jim Cramer's, Jim Cramer, Jim, Michael M Organizations: LSEG, Wall Street, Google, Management, NFL, Microsoft, Google Network, Google Services, Web Services, CNBC, Washington, Santiago, Getty Locations: Hudson Square, New York City

☆ Selling Alphabet shares after the tech giant missed on cloud numbers is shortsighted
▼ + stars: | 2023-10-24 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

GOOGL YTD mountain Alphabet YTD Bottom line Lower-than-expected operating income for the third quarter and a Google Cloud miss dragged Alphabet shares lower by more than 6% in after-hours trading. The Google Cloud performance was particularly disappointing given the strength we saw when Microsoft (MSFT) also reported its Azure numbers on Tuesday evening. Quarterly commentary Despite the topline outperformance, seen in the earnings table above, segment sales at Google Network, Google Cloud and Other Bets came up short. Operating income and quarterly operating margin were also short of expectations as total Traffic Acquisition Costs (TAC) were marginally above expectations. Expenses in Google Cloud and Other Bets were higher than expected, and the company took charges associated with workforce and office space reductions.

Persons: Wall, Jim Cramer's, Jim Cramer, Jim, Leonardo Munoz Organizations: Google, LSEG, Microsoft, Google Services, Management, Google Network, YouTube, NFL, TAC, Capital, CNBC, View, Getty Locations: New York City

☆ Japan probes Google for alleged antitrust violations in search practices
▼ + stars: | 2023-10-23 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The regulator is also examining whether Google services are prioritized on Android phones. The Japan Fair Trade Commission said it is examining whether Google made agreements with Android smartphone makers to share search ad-related revenue on the condition that the device manufacturer does not install a rival search engine. Japan's competition watchdog on Monday said it is investigating Alphabet -owned Google for alleged antitrust law violations in regards to its search practices on mobile platforms, ramping up regulatory pressure on the U.S. technology giant. In response, Google said Android is an "open-source platform that has enabled a diversity" in partners and device manufacturers. The EU said Google unfairly favored its own services by forcing smartphone makers to pre-install Google apps Chrome and Search in a bundle with its app store, Google Play.

Persons: CNBC's Lauren Feiner Organizations: Google, Japan Fair Trade Commission, Japan FTC, CNBC, European Union, EU, U.S . Department of Justice Locations: Japan, EU, U.S

While enterprise demand stabilized for legacy products, that has not extended to cloud computing, the mainstay for Microsoft and Amazon. Alphabet and Meta are set to benefit from an uptick in digital ad sales ahead of the holiday-shopping season. Last month, media research and investment firm Magna raised its forecast for U.S. ad spending growth to 5.2%, from 4.2%, for calendar 2023. Reuters GraphicsAmazon, however, is expected to be shielded by strong retail sales, thanks to a strong labor market. Meta reports on Wednesday and Apple will round off Big Tech earnings with results next week, on Nov. 2.

Persons: Gil Luria, It's, Rishi Jaluria, Yuvraj Malik, Zaheer Kachwala, Sayantani Ghosh, Savio D'Souza Organizations: Apple, Facebook, Google, Microsoft, D.A, RBC Capital, Nvidia, RBC, Google Services, Magna, Amazon Web Services, Reuters Graphics, Big Tech, Thomson Locations: Davidson, Bengaluru

☆ Alphabet's AI lab, DeepMind, cut employee costs by nearly 40% in 2022, alongside a drop in profit
▼ + stars: | 2023-10-11 | by ( Hayden Field | ) www.cnbc.com time to read: +1 min

Alphabet 's AI lab, DeepMind, cut employee costs by 39% last year, according to a recent filing with a U.K. government agency. For the 2022 financial year, staff costs and other related expenses were 594.5 million pounds (nearly $731 million), down from 969.4 million pounds (nearly $1.2 billion) in 2021 — translating to an almost 39% reduction in employee costs, per the filing. Following DeepMind's employee cost cuts in 2022, Alphabet executives discussed plans to allocate resources to key revenue drivers, such as AI, on its first-quarter earnings call of 2023. "Beginning in the second quarter of 2023, the costs associated with teams and activities transferred from Google Research will move from Google Services to Google DeepMind within Alphabet's unallocated corporate costs," Pichai said during a spring earnings call. DeepMind's 2022 profit was about 60.9 million pounds (nearly $74.9 million), down from 102.4 million pounds (nearly $126 million) in 2021 — a decrease of more than 40%.

Persons: DeepMind, Sundar Pichai, Pichai Organizations: Google, Google Research, Google Services Locations: Edmonton, Canada

☆ Google changes user data practices to end German antitrust probe
▼ + stars: | 2023-10-05 | by ( Friederike Heine | ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsBERLIN, Oct 5 (Reuters) - Alphabet (GOOGL.O) unit Google has agreed to change its user data practices to end a German antitrust investigation aimed at curbing its data-driven market power, the German cartel office said on Thursday. The German regulator said Google's commitments would give users more choice on how their data is used across the company's platforms. "This not only protects the users' right to determine the use of their data, but also curbs Google's data-driven market power," he said. Google's commitment covers more than 25 other services including Gmail, Google News, Assistant, Contacts and Google TV. It does not apply to Google Shopping, Google Play, Google Maps, Google Search, YouTube, Google Android, Google Chrome and Google's online advertising services, all of which are subject to a new EU legislation called the Digital Markets Act which has similar obligations.

Persons: Arnd, Andreas Mundt, Matthias Williams, Foo Yun Chee, Friederike Heine, Mark Potter Organizations: European Engineering, REUTERS, Rights, Google, Tech, Gmail, Google News, Big Tech, Apple, Thomson Locations: Zurich, Switzerland

☆ Asian Games: China censored this photo of two athletes. Was it for a perceived Tiananmen reference?
▼ + stars: | 2023-10-04 | by ( Chris Lau | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China appears to have censored a photograph of two Chinese hurdlers embracing after a race because their lane numbers formed an accidental reference to the Tiananmen massacre in 1989. The image captures Lin Yuwei, from lane 6, and Wu Yanni, in lane 4, hugging following the women’s 100-meter hurdles final at the Asian Games in Hangzhou. As they stood together, stickers showing their lane numbers formed “6 4”, a pairing widely seen as a reference to June 4, 1989. That day Chinese military tanks rolled into the capital Beijing during a bloody crackdown to clear students protesting for democracy in Tiananmen Square. State broadcaster CCTV originally posted the photograph on Weibo, China’s Twitter-like social media service, on Sunday night, but removed it from its account about an hour later, CNN has found.

Persons: Lin Yuwei, Wu Yanni, China’s Organizations: Hong Kong CNN, Asian, CCTV, China’s Twitter, CNN, Weibo, Baidu, Google, Xinhua, Propaganda Department, Chinese Communist Party, Communist Party Locations: Hong Kong, China, Hangzhou, Beijing, Tiananmen Square, Weibo

☆ Google’s Bard Just Got More Powerful. It’s Still Erratic.
▼ + stars: | 2023-09-20 | by ( Kevin Roose | More About Kevin Roose | ) www.nytimes.com time to read: +1 min

This week, Bard — Google’s competitor to ChatGPT — got an upgrade. One interesting new feature, called Bard Extensions, allows the artificial intelligence chatbot to connect to a user’s Gmail, Google Docs and Google Drive accounts. (Google also gave Bard the ability to search YouTube, Google Maps and a few other Google services, and it introduced a tool that would let users fact-check Bard’s responses. Bard Extensions is designed to address one of the most annoying problems with today’s A.I. Many people — including me — have most of their digital lives on Google’s apps and could benefit from A.I.

Persons: Bard —, ChatGPT —, Bard, today’s Organizations: Google

☆ Google Pixel Watch vs. Fitbit Sense 2: The Pixel Watch has the smarts but the Sense 2 is the better fitness tracker
▼ + stars: | 2023-07-07 | by ( Alexander Johnson | Rick Stella | Tech Updates Editorial Fellow | ) www.businessinsider.com time to read: +9 min

Despite taking over a wearable lineup that included premium smartwatch lines like the Fitbit Sense and Fitbit Versa, Google released its own namesake wearable in 2022 called the Google Pixel Watch. Google Pixel Watch vs. Fitbit Sense 2: Smartwatch performanceRick Stella/InsiderThe Pixel Watch relies on Wear OS for most day-to-day tasks, which makes it about as good of a smartwatch as you can get. Google Pixel Watch vs. Fitbit Sense 2: Health and fitness trackingRick Stella/InsiderWhen it comes to health and fitness tracking, the Sense 2 is the clear winner. The Fitbit app is also available for use with the Google Pixel Watch, but functionally, the Pixel just can't beat Fitbit at its own game. Google Pixel Watch vs. Fitbit Sense 2: Battery lifeThe Google Pixel Watch's battery life isn't anything special for a smartwatch, requiring a nightly recharge with regular use.

Persons: Fitbit, Rick Stella, It's Organizations: Google, Watch, Apple, Steel, Pixel Watch, Amazon Alexa, GPS, Pixel Locations: Fitbit

Though the 6-Series name might be retired, its legacy lives on in TCL's brand-new Q7 4K TV. It's not perfect, but the Q7 is easily one of the best 4K TVs you can buy for under $1,000. TCL 65-inch Q7 QLED 4K TV TCL’s Q7 is an excellent midrange QLED 4K TV, delivering better picture quality than similarly priced competitors. The Google TV interface is intuitiveThe Google TV interface offers easy access to popular apps and handy integration with other Google services. The TCL Q7 is easily one of the top midrange 4K TVs you can buy this year.

Persons: TCL, Ryan Waniata, It's, you'd, Harry Potter, you've, Roku, You've, Dolby Organizations: LG, Sony, Samsung, ", Google, YouTube, AMD, Dolby, Smart

☆ Google's cloud business turns profitable for the first time on record
▼ + stars: | 2023-04-25 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Alphabet said Tuesday that Google's cloud business is profitable for the first time in the three years it's been reporting operating metrics for the division. The cloud business includes the Google Cloud Platform, which rents out cloud infrastructure and services that companies can use to build and run their own applications, as well as Google Workspace productivity software subscriptions. Amazon Web Services, the leader in cloud infrastructure, popularized the market in the mid-2000s and has been profitable every quarter since 2014. Alphabet started disclosing cloud revenue in 2020, and the following year began providing information on the scale of its operating losses. Last week Alphabet restated operating income for cloud and its other segments, resulting in lower cloud losses in 2021 and 2022.

☆ YouTube TV contractors in early stages of organizing say they're being held in 'captive meetings' to discourage unionizing
▼ + stars: | 2023-04-12 | by ( Thomas Maxwell | ) www.businessinsider.com time to read: +7 min

YouTube TV contractors are in the early stages of making a push towards unionization. The YouTube TV contractors' efforts follow that of their colleagues in YouTube Music. In response, Cognizant held two "captive meetings" with the YouTube TV team in the past two weeks to dissuade them from organizing, contractors say. Contractors working for Cognizant say they've been told they should not take these new signs down. In the past year, more than 300 Starbucks locations organized under the Starbucks Workers Union.

☆ Open-source software braces for trade war
▼ + stars: | 2023-02-27 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +6 min

HONG KONG, Feb 27 (Reuters Breakingviews) - The open-source software movement has been an unprecedented driver of global innovation and productivity growth. As with most Chinese handset makers, founder Ren Zhengfei relied on Android’s open-source code to run his company’s smartphones. Beijing has reciprocated, per a Nikkei report, by instructing its own tech companies not to incorporate ChatGPT into their platforms - a rare example of a mutual firewall. Dividing the world into competing open-source camps would mark another reverse for free trade. Follow @petesweeneypro on TwitterCONTEXT NEWSRegulators have told major Chinese tech companies not to offer ChatGPT services, the Nikkei news service reported on Feb. 22 citing sources with direct knowledge, causing shares in Chinese companies building chatbots to fall.

☆ Mercedes-Benz cars to have 'supercomputers', unveils Google partnership
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +3 min

But the car companies also want to keep control over their customer relationships as well as valuable data generated by their cars. Mercedes-Benz is moving from a patchwork approach of integrating software from a range of suppliers to controlling the core of its software. Under the Google partnership, Google Maps will be Mercedes-branded and provide drivers with Google traffic information and automatic rerouting, as well as the ability to watch YouTube on the cars' entertainment system when the car is parked, or in Level 3 autonomous driving mode. Google and Mercedes-Benz also agreed to explore further collaboration with Google Cloud data and artificial intelligence capabilities. Others carmakers like General Motors, Renault (RENA.PA), Nissan (7201.T) and Ford (F.N) have embedded an entire package of Google services into their vehicles, offering features like Google Maps, Google Assistant and other applications.

☆ Despite Alphabet's AI event flop — remember, Google dominates search for now. That's what matters
▼ + stars: | 2023-02-08 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

While Microsoft's new AI capabilities could take some market share from Alphabet, Google is still the unshakable leader in search. Alphabet also showed AI-enabled capabilities to Google Maps and Google Lens, allowing users to search for images from their phone's camera. Looking at Alphabet's total revenue of $76.05 billion during the fourth quarter , about 57% came from Google Search & Other. But data from Statcounter shows Google accounts for 93% of search engine market share in all platforms including desktop, tablet and mobile, overshadowing Bing's 3% market share. But Google search, the preferred platform for users, still has the edge with advertisers over Microsoft's Bing.

☆ Baidu to finish testing ChatGPT-style project 'Ernie Bot' in March; stocks rally
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Feb 7 (Reuters) - China's Baidu Inc (9888.HK) said on Tuesday it would complete internal testing of a ChatGPT-style project called "Ernie Bot" in March, as interest in generative artificial intelligence (AI) gathers steam. The news sent search engine giant Baidu's Hong Kong-listed shares up 15.3% on Tuesday. Baidu, China's answer to Google, joined the frenzy on Tuesday. A person familiar with the matter told Reuters last week that Baidu was planning to launch such a service in March. The company has been investing heavily in AI technology, including in cloud services, chips and autonomous driving, as it looks to diversify its revenue sources.

☆ Google is making a change to its earnings report next quarter that shows just how important AI has become
▼ + stars: | 2023-02-02 | by ( Thomas Maxwell | ) www.businessinsider.com time to read: +2 min

Alphabet said in its Q4 earnings press release that it will begin disclosing investments in AI. The move signals the increasing importance of AI to the search giant. "As AI is critical to delivering our mission of bringing our breakthrough innovations into the real world, beginning in January 2023, we will update our segment reporting relating to certain of Alphabet's AI activities," the press release states. It will also incorporate the technology into its Azure cloud offerings so developers can take advantage of the AI technology. Alphabet revealed Google Cloud and YouTube's financial performance for the first time in 2020, for instance.

☆ Alphabet must cut headcount and trim costs, activist investor TCI says
▼ + stars: | 2022-11-15 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

TCI's stake represents 0.27% of outstanding Alphabet shares, according to Factset data, a position that the hedge fund has steadily accumulated since 2017. TCI noted that headcount has "increased at an annual rate of 20% since 2017," the year that TCI first disclosed their Alphabet position. TCI argued for an increase in share buybacks and the establishment of an EBIT margin target for Google Services. Significantly, TCI argued that Google's "Other Bets" category – their Moonshot division – demanded immediate attention, singling out self-driving vertical Waymo as a unit that failed to justify "its excessive investment." Alphabet shares are down more than 30% year-to-date.

☆ 40 states settle Google location-tracking charges for $392M
▼ + stars: | 2022-11-14 | by ( Associated Press | ) www.nbcnews.com time to read: +5 min

Location tracking can help tech companies sell digital ads to marketers looking to connect with consumers within their vicinity. Even a small amount of location data can reveal a person’s identity and routines, they said. Google uses the location information to target consumers with ads by its customers, the state officials said. The attorneys general said Google misled users about its location tracking practices since at least 2014, violating state consumer protection laws. As part of the settlement, Google also agreed to make those practices more transparent to users.

☆ Wall Street analysts see short-term pressure for Alphabet following earnings miss
▼ + stars: | 2022-10-26 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +4 min

Revenue also came in short at $69.09 billion where Wall Street analysts anticipated $70.58 billion. Those weaker-than-expected results were driven by a slowdown in ad spending and a slip in revenue at YouTube, areas where analysts expected growth. Citi analyst Ronald Josey cut his price target on the company to $120 from $140 to reflect slower revenue growth and margin pressures. A leaner Alphabet Alphabet announced that it would slow hiring in the coming quarter in a move to increase efficiency. "We believe advertising, content and product sales are converging, and GOOGL appears to be ahead of this trend, which is promising."

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