Google parent Alphabet posts first revenue decline in company history

Hearing of the House Judiciary Subcommittee on Antitrust Commercial and Administrative Law on

Alphabet revenue dropped 2% from previous year, the company announced in second-quarter earnings Thursday, beating Wall Street expectations a day after Google CEO Sundar Pichai appeared before the House Judiciary antitrust subcommittee to face allegations of anticompetitive behavior. YouTube, the fastest-growing part of Google's advertising empire before the coronavirus set in, brought in US$3.8 billion, six per cent more than previous year. Advertisement Though this is the first time that Google's revenues have ever shrunk year-over-year, the company did experience a sequential revenue decline in 2009 during the last major economic recession.

The Google parent reported revenue declined two per cent from a year ago.

Revenues dipped two percent to $38 billion (roughly Rs. 2.83 lakh crores), as chief financial officer Ruth Porat said; "We continue to navigate through a hard global economic environment".

Alphabet's profit was almost US$7 billion, or US$10.13 per share, above analysts' average estimate of US$5.6 billion, or US$8.29 per share, for the quarter.

Still, overall revenue, which slipped 2%, was slightly higher than analysts had expected.

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The staffers, who spoke on condition of anonymity with Politico , said they were also ridiculed for wearing a mask at work. Several Republican staff aides for the natural resources panel also planned to quarantine, a spokesman said.

Alphabet and Google CEO Sundar Pichai said that the company has been working hard to weather the current social and economic environment, and remains committed to helping its partners in business and education, as well as its general consumer base, make the best out of conditions through its properties like G Suite, Youtube, and Google Cloud.

"We believe it is premature to gauge the durability of recent trends given the obvious uncertainty of the global macro environment", she said. Ad sales improved near the end of the quarter. Alphabet's shares have gained about 15 per cent this year.

"We are really excited about the potential with Shopping", Pichai said. That's the lowest they've been since the third quarter of 2018.

Pichai and the CEOs of Apple, Amazon and Facebook yesterday were grilled by US congressmen during a hearing on their online platforms' market power and dominance held by the House Committee on the Judiciary's Subcommittee on Antitrust, Commercial and Administrative Law. And so, to the extent there are any areas where we need to adapt, we will.

Alphabet's stock, which closed at $1,538.37 per share today - up by $14.86 or 0.98 percent - hit $1,550 in after-hours trading as of 7:05 p.m.

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