Tech giants continue to make money while showing a significant slowdown in revenue growth. According to Alphabet’s 2022 financial report, the company earned $76 billion in the fourth quarter – a 1% increase compared to the same period in 2021.
Google’s advertising business is the company’s core, and revenue there fell about 3.5% from a year earlier. The “other” category (which includes products like Google hardware, Nest and revenue from the Play Store) made up for those losses with 8% growth of its own, along with 32% year-over-year growth in Google Cloud
Meanwhile, the company’s fourth-quarter net income fell sharply to $13.6 billion, a 34% year-over-year decline.
A few weeks ago, Google announced the layoff of 12,000 employees, about 6% of the company’s total workforce. This happened before the publication of the financial report, so now the overall picture of the company’s affairs looks clearer.
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However, Alphabet’s total net income for 2022 was $60 billion — down from last year’s figure ($76 billion), but still significantly more than 2020’s ($40 billion).
Source: Engadget
