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YouTube's ad sales drop by 2.5% in Q1
The company's upcoming focus will be on significant restructuring efforts and focusing on its AI development.
Google parent Alphabet Inc posted the company’s earnings for the quarter ended March 31, stating that it has surpassed expectations for top and bottom lines. The company also said that it will be buying back $70 billion in shares.
Alphabet reported in $69.79 billion in revenue this quarter, up 3% and surpassing expectations of $68.95 billion. Net profit stood at $16.44 billion.
Alphabet’s search revenue experienced 1.87% year-over-year increase in Q1 2023, significantly lower than the 24.28% jump in Q1 2022 and the 30.11% increase in Q1 2021.
YouTube saw its ad sales decrease 2.5% from last year, marking its second consecutive quarter of drop.
The company’s 'search & other' revenues rose from around $39.6 billion to $40.4 billion, indicating potential difficulties in its primary business segment.