Google parent Alphabetpostedon Tuesday weaker-than-expected quarterly earnings as it deals with an inflation-mired economy and slowing ad spending.
Net profit fell 27% from a year earlier.
“Times like this are clarifying,” Pichai said, acknowledging the difficult results and economic climate.
It’s the third consecutive quarter Alphabet missed estimates.
Google executed a 20-for-1 stock split earlier this year.
Google continued to hire in the third quarter, even as Pichai said in July the companywould slow hiring.
The employee increase stems in part from Google’s$5.4 billion purchaseof security company Mandiant in September.
As Google faces revenue issues, it’s focusing on growth areas like YouTube Shorts and Cloud.
Pichai reiterated YouTube’s commitment to Shorts monetization, challenging TikTok directly and courting creators to the platform.
Last year, Googlelauncheda $100 million Shorts creator fund to be distributed over two years.
Indeed, Porat said exchange rates hurt Google’s business, decreasing revenue 6%.
The foreign exchange issues will be even stronger in the fourth quarter, she added.
