Despite this, Alphabet has seen a more than 50% share price rally this year, largely due to strong earnings reports. The company, which recently celebrated its 25th anniversary, is currently facing a significant antitrust lawsuit from the Department of Justice. Additionally, Alphabet has reduced its global workforce by 4% in 2023 as part of cost-cutting measures.
Key takeaways:
- Alphabet, Google's parent company, exceeded expectations in its Q3 earnings report with robust digital advertising revenue, despite economic turbulence.
- Alphabet reported $1.55 earnings per share and $76.6 billion in sales for the quarter ending September 30, surpassing analysts' projections.
- Despite the positive results, Alphabet's cloud segment underperformed expectations, leading to a 5% drop in shares.
- Alphabet has reduced its global workforce by 4% in 2023, from 190,234 at the end of 2022 to 182,381 at the end of Q3.