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GOOGLE REBOUNDS FROM UNPRECEDENTED DROP IN AD REVENUE WITH A RESURGENCE THAT PUSHES STOCK HIGHER
AppleMagazine
|July 28, 2023
Google snapped out of an unprecedented advertising slump during its latest quarter, signaling a return to growth cycle needed to fuel investments in artificial intelligence technology that expected to reshape the competitive landscape
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The results for the April-June period released Tuesday by Google’s corporate parent, Alphabet Inc., reversed a financial downswing that had raised fears Google was losing its financial steam at the same time advances in artificial intelligence, or AI, threatened to undercut the dominant search engine that powers its digital ad empire.
But after Google’s ad revenue suffered year over-year declines in consecutive quarters for the first time in its history, ad sales rose 3% from a year ago to $58.1 billion during the second quarter. That was better than analysts had been anticipating, according to FactSet Research.
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