Google Revenue: Reported significant slowdown in ad sales growth post Covid pandemic

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Revenue from Google’s core advertising business reached $56 billion in the three months ended June 30, the company reported Tuesday. That’s up 11.6% year over year, but it’s a notable slowdown in the growth rate from the same quarter last year, when it saw an almost 69% increase in ad revenue as it benefited from a Pandemic Boom in online advertising.

Google also narrowly missed Wall Street analysts’ expectations for revenue and earnings for the quarter. The company had revenue of $69.7 billion for the quarter, up 13% from the year-ago quarter, compared to the $69.9 billion analysts had forecast. Net income for the quarter fell more than 13% year over year to $16 billion, missing Wall Street’s estimate of $17.3 billion.

Still, investors didn’t seem impressed with the results, perhaps thanks in part similar growth slowdowns in ad sales reported by Twitter (TWTR) and snap (SNAP) last week. Google parent company shares alphabet (Google)



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