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- Tech Giants Are Sliding into a Correction: Alphabet
Tech Giants Are Sliding into a Correction: Alphabet
GOOG stocks lost 35% of their peak prices. The recent Q3 2022 earnings report added negative sentiment to the company’s business perspectives and sent stocks even lower. Investors were disappointed by weak Google search financial performances and Youtube’s falling advertising revenues. Overall Google adjusted revenues were reported at $69.1 billion, up by 6% year-on-year. A stronger U.S. Dollar hammered revenues of most of U.S. corporations, including Google. Without this factor Google could have seen Q3 revenues above $70 billion.
Other Bets Alphabet venture fund reported losses of $1.6 billion or over $6.4 billion for the financial year and this is certainly not the result investors wanted to see at a time when the company is seeking for new growth drivers. Google cloud business is also struggling with the loss of $699 million in the Q3 2022 compared to losses of $644 million in the Q3 2021 despite growing revenues by 37% year-on-year.
Google is seen to be faced with rising overall costs by $8 billion compared to the same quarter of 2021 and a rise of $1.8 billion during the previous quarter to $52 billion. These figures are very disturbing amid slowly growing revenues so it is seen to be very risky at the moment to invest in Google stocks.
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