Alphabet Beats on Revenue But Misses on Cloud Growth; YouTube Leads in Advertising
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Google parent company Alphabet beat revenue expectations but missed on Google Cloud growth. Cloud revenue was $8.41 billion vs expected $8.64 billion.
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YouTube advertising revenue beat expectations at $7.95 billion as daily views of YouTube Shorts, its TikTok competitor, rose to 70 billion.
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AI remains a focus for Alphabet. CEO Sundar Pichai touted new AI-powered video editing tools for YouTube Shorts.
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Microsoft cloud growth outpaced Google, stoking concerns over Google's competitiveness in cloud computing.
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Alphabet continues cost-cutting, including recent layoffs at Waymo, Verily, and in recruiting amid a downturn in advertising revenue.
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