Google has reported in with its Q1 2023 earnings and while the news is mixed across the board, the results for YouTube appear to show a slight decline. Out of Google's first quarter earnings, YouTube has comprised $6.69 billion of that total through its ad revenue.
YouTube's $6.69 billion in ad revenue is down 2.5 percent year-over-year from the $6.86 billion reported in 2022. It's also down significantly from the $7.96 billion in ad revenue that the video network raised in Q4 2022, which may further feed fears of a recession.
As noted by CNBC back during Google's Q4 2022 earnings report, YouTube's lower numbers stem from the company pulling back in advertising revenue. It also faces heightened competition from shorter form video services like TikTok. YouTube has been aiming to compete with shorter form videos by leaning harder into YouTube Shorts.
Google's stock was down two percent as the markets closed on Tuesday. The stock has since seen a modest increase in after-hours trading.
There's more to learn from Google and YouTube through the upcoming Q1 2023 earnings call. We'll be sure to monitor any breaking stories to come from that call, so keep it on Shacknews for the latest news.
Ozzie Mejia posted a new article, Google (GOOGL) reports $6.69 billion of YouTube Q1 2023 ad revenue