decreased Alphabet’s quarterly earnings, for the second consecutive quarter, Although it generates higher revenues.
Alphabet, the parent company of Google, made profits of about $16 billion during the second quarter of 2022, down from $18.5 billion during the same period last year, the company said in its second-quarter 2022 earnings report.
Although the company achieved more revenues during the second quarter of 2022, which amounted to $69.7 billion, up from $61.9 billion last year, the expenses were higher, as compared to the same period in 2021, Google spent about 3 billion Additional dollars on research and development, sales and marketing.
Over the past month, Google has warned employees that times could be tough.
Early in July, the company’s CEO, Sundar Pichai, sent a note warning that Google “is not immune to economic headwinds”.
The company, he said, “will need to be more entrepreneurial, work with greater urgency, sharper focus, and be more hungry than we have shown on sunny days.”
A little over a week later, the company reportedly told employees it would pause hiring for two weeks, saying it would use the time to “review its headcount”.
The earnings statement helps provide some context for these moves, as Google finished the second quarter of 2021 with 144,056 employees, while that number swelled to 174,014 by the second quarter of 2022.