Google parent Alphabet and Microsoft both reported their earnings for the September quarter
Google parent Alphabet and Microsoft both reported their earnings for the September quarter on Tuesday, showing an increase in sales compared to the same period last year. The results follow mass layoffs and other cost-cutting measures due to economic challenges driven by reduced advertiser spending.
Alphabet:
- Company shares saw their largest one-day drop in a year as revenue from Google Cloud fell short of analyst expectations.
- Alphabet still surpassed Wall Street expectations with quarterly sales of $76.69B, an 11% increase from the previous year.
- It posted profits of $19.69B.
Microsoft:
- Microsoft also beat expectations with a 13% year-on-year sales growth, reaching $56.5B.
- It reported quarterly profits of $22.3B, a 27% increase from the prior year
- Its Azure cloud business experienced a growth rate of 29%.
