Posted 1/31/2024, 11:52:56 AM
Alphabet Revenue Misses Expectations Despite Growth, Stock Slips as Company Focuses on AI Catch-Up
- Alphabet missed expectations for advertising revenue, causing shares to slip over 5% in premarket trading
- Total revenue was $72.32 billion vs $70.97 billion expected, up from $63.12 billion a year ago
- Cloud revenue beat expectations at $9.19 billion, up 26% year-over-year
- Focus on efficiency and cost savings, including slowing hiring pace and removing organizational layers
- Playing catch-up in AI/chatbots compared to Microsoft, working on new models like Bard and Gemini