Googleparent Alphabet posted weaker-than-expected second-quarterearningsTuesday as the search giant experienced a choppy economy that has already weighed onadvertisingrevenue atSnapandTwitter.
The company reported $1.21 in earnings per share, missing the $1.31 forecast.
The weak results come as advertising, the company’s revenue driver, faces headwinds from a slowing economy.
CFO Ruth Porat said 2021’s strong numbers made for difficult comparisons this year.
Porat added that year-on-year growth rates were likely to slow for the rest of the year.
The company also battled a surging dollar, which eats into the value of revenue from overseas markets.
Alphabet said the strong dollar trimmed 3.7% from year over year revenue growth.
Google Cloud revenue increased about 36% year over year to $6.3 billion.
Google is the third largest cloud provider, with abouta tenth of the market, according to Statista.
CEO Sundar Pichai has already said the company is going toslow hiring.
Google’s weaker-than-expected results are mild.
Company executives were optimistic when speaking with analysts saying that advertising continues to innovate with more partnerships.
Google’s stock rose more than 5% in after-hours trading to $110.50.
Google executed a 20-for-1 stock split earlier this year.
