Google reports lower revenues, first ever profit decline in Q2

News Broadband Global 31 JUL 2020
Google reports lower revenues, first ever profit decline in Q2

Google’s parent Alphabet reported lower revenues and its first ever revenue fall during the second quarter, even as the company’s ad business started to recover amid the coronavirus pandemic.

Revenues slipped 2 percent to USD 38.297 billion from 38.944 billion the year before while the operating profit declined to USD 6.383 billion from 9.180 billion. The net profit decreased to USD 6.959 billion or USD 10.13 per share, from 9.947 billion and 14.21 per share. Capex for the quarter went lower to USD 5.391 billion from 6.126 billion. 

Revenues were pulled down by Google Search and Google advertising, off at USD 21.319 billion from 23.642 billion, and down USD 29.867 billion from 32.494 billion respectively. Google Cloud revenues meanwhile advanced to USD 3.007 billion from 2.100 billion, as did Google “other,” increasing to USD 5.124 billion from 4.080. At “other Bets,” revenues slid to USD 148 million from 162 million while the operating loss widened to USD 1.116 billion from 989 million.

Google said it authorised a new share buyback programme in July, of up to USD 28 billion.

Categories:

Internet,  Mobile

Companies:

Google,  Alphabet

Regions:

Global

Tags:

Sales figures, Financial figures

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