Google posts major ad sales growth slowdown following pandemic boom
CNN
Online advertising companies have been warning of a slowdown in ad demand amid high inflation and recession fears, and despite its size, Google has been no exception.
Sales from Google's core advertising business hit $56 billion during the three months ended June 30, the company reported Tuesday. That marks an increase of 11.6% year-over-year, but it's a significant slowdown in growth rate from the same quarter last year, during which it posted a nearly 69% increase in ad revenue as it benefited from a pandemic boom in online advertising.
Google also narrowly missed Wall Street analysts' expectations for both sales and profits during the quarter. The company posted revenues of $69.7 billion during the quarter, an increase of 13% from the prior-year quarter, compared to the $69.9 billion analysts had projected. Net income for the quarter fell more than 13% year-over-year to $16 billion, missing Wall Street estimates of $17.3 billion.
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