Alphabet, the parent company of Google, has revealed its earnings for the second quarter of 2023, which ended on June 30. Revenues were $74.6 billion for the quarter, up 7 percent from the same period a year ago. Net income for the company was $18.368 billion for the quarter, up from $16,002 billion from the same period a year ago.
Google Search revenues were $42.628 billion in the quarter, up from $40.689 billion from the same period a year ago. YouTube ad revenue came in at $7.665 billion, up from $7.340 billion from a year ago. Google's cloud businesses had $8.031 billion in revenue in the quarter, up from $ 6.276 billion from a year ago.
Alphabet also mentioned that it had a total of 181,798 employees at the end of the second quarter, up from 174,014 employees a year ago. In early 2023, Google announced layoffs of 12,000 team members. In today's financial numbers, Alphabet stated:
The substantial majority of the employees affected by the reduction of our workforce are no longer included in our headcount as of June 30, 2023. We expect most of the remaining employees affected will no longer be reflected in our headcount by the end of 2023, subject to local law and consultation requirements.
It added that severance costs for those layoffs totaled "$2.0 billion for the six months ended June 30, 2023." It's also "taking actions to optimize our global office space" which will result in charges of $633 million for the six months ending on June 30.
Alphabet also announced that its chief financial officer Ruth Porat will assume a new role at the company. She will get the newly created title of President and Chief Investment Officer of Alphabet and Google starting on September 1.
Porat will continue to serve as CFO of Alphabet and Google. Her new role will make her "responsible for Alphabet’s investments in its Other Bets portfolio" which include divisions like its Google Fiber internet services, its Waymo self driving car business, and others.
2 Comments - Add comment