Google’s advertising sales fell short of Wall Street’s expectations, sending shares tumbling despite strong growth in other areas of the search giant’s business.
Google recorded $65.5 billion of total advertising sales in the fourth quarter, an increase of 11% from the same period last year. Those financial results missed analyst expectations but were a marked turnaround from a year ago, when Google reported its first drop in ad revenue since the beginning of the pandemic.
Alphabet, its parent company, reported fourth-quarter revenue of $86.3 billion, up more than 13% from the same period last year. The results marked the company’s fourth straight quarter of accelerating sales growth.
Microsoft’s revenue rose last quarter as excitement about artificial intelligence helped power the growing demand for its cloud services. Its $62 billion in revenue for the December quarter was up 18% from a year earlier and above analysts’ estimates for 16% growth.
Both are part of the so-called Magnificent Seven tech stocks that helped fuel the recent market rally.
Meanwhile, UPS said it plans to shed about 12,000 jobs this year and mandated staff work from offices five days a week starting March 4, as the package-delivery giant seeks to boost productivity amid a protracted slowdown in business.
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