With a large number of tech companies reporting quarter-end financial results, Google was one of the major companies up to show its Q3 2022 results today. Unfortunately, the recent quarter was not one of Google’s best. The company was down on both total revenue and earnings-per-share versus expectations, and this was compounded with further less-than-stellar metrics, including being down in ad revenue.
Google (GOOGL) announced its Q3 2022 earnings results via its investor relations website on October 25, 2022. Amid the numbers shared by the company, Google put up a total revenue of $69.1 billion. This was short of a $71.03 billion expectation, as estimated by Earnings Whisper. The company was also expected to hit $1.29 Diluted EPS for Q3 2022. Consensus was that the company would at least get to $1.25 per share, but Google was only able to deliver $1.06 per share for the quarter.
Despite these estimate misses, Google CEO Sundar Pichai is confident in the upcoming direction of the company, particularly focusing on improvements to its Cloud technologies and services, and new monetization plans for YouTube.
“We’re sharpening our focus on a clear set of product and business priorities,” Pichai shared alongside the earnings results. “Product announcements we’ve made in just the past month alone have shown that very clearly, including significant improvements to both Search and Cloud, powered by AI, and new ways to monetize YouTube Shorts. We are focused on both investing responsibly for the long term and being responsive to the economic environment.”
It's worth noting that this quarter does not include Google’s launch of its recent Pixel smartphones and tablets, which are likely to be recorded in its Q4 2022 finish. It will also be interesting to see what changes the company brings to YouTube. Stay tuned for further financial reporting as it becomes available, right here at Shacknews.