Google earnings fall on lower ad sales
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 26 October 2022
⏱️ 9 minutes
🧾️ Download transcript
Summary
Alphabet reported an unexpectedly severe slowdown in its core search ads business, and the European Central Bank is going to start talks on shrinking its balance sheet. Plus, the FT’s Stefania Palma explains which US Supreme Court cases could have a major impact on businesses.
Mentioned in this podcast:
Alphabet shares knocked by sluggish revenue growth
Solid cloud demand helps Microsoft offset PC market weakness
ECB to start talks on shrinking balance sheet amid bond market turmoil
FT Live event: Xi after the People’s Congress
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.9 | Good morning from the Financial Times. Today is Wednesday, October 26th, |
| 0:13.5 | and this is your FT News Briefing. |
| 0:18.4 | Two tech titans reported earnings yesterday and things didn't look good. |
| 0:23.0 | The European Central Bank is set to start chipping away at its balance sheet, |
| 0:26.8 | plus the US Supreme Court will decide on several cases that could change the landscape for businesses. |
| 0:32.9 | I'm Mark Philippineau and here's the news you need to start your day. |
| 0:42.7 | Microsoft and Google reported third quarter earnings yesterday. |
| 0:46.2 | Microsoft beat analyst expectations thanks to solid demand for its cloud computing services. |
| 0:51.6 | Google missed the mark. |
| 0:53.7 | Its parent company Alphabet reported yet another quarter of slowing revenue growth |
| 0:58.0 | in part due to lower ad sales at YouTube. |
| 1:01.4 | Our West Coast editor Richard Waters has more. |
| 1:21.9 | Separately for that business and search advertising, which we've all become accustomed |
| 1:27.6 | to seeing as one of the great resilient businesses. |
| 1:31.1 | Even search advertising is disappointing. |
| 1:33.5 | It only came in something like 4% growth. |
| 1:36.0 | I mean this is a dramatic slowdown across Google's businesses and I think it'll send reverberations |
| 1:43.2 | across the advertising industry. |
| 1:45.7 | Now what does this tell you about the broader economy, Richard? |
| 1:49.2 | Now advertising pretty much moves in line with consumer demand. |
... |
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