SAN FRANCISCO: Google parent Alphabet reported a rare drop in revenue and profit on Thursday in a quarterly update that nonetheless topped market expectations. Profit slumped some 30 percent to $6.96 billion from a year for the online giant that relies on digital advertising for most of its income.
Revenues dipped two percent to $38 billion, as chief financial officer Ruth Porat said; "We continue to navigate through a difficult global economic environment."
Google shares were little changed in after-market trading following the release. Revenue regained ground in the second quarter in search and at video-sharing platform YouTube, showing signs of stabilization by the end, according to Google executives.