Free Press, Common Cause and a number of other progressive groups and civil rights advocates have called on the biggest social media companies to combat disinformation in the run-up to the midterm elections, the first national election since the Jan. 6 Capitol insurrection, saying if they don’t, they are “the dominant threat” to the democratic process. That came in the form of letters to the CEOs of Meta, Twitter, YouTube, Snapchat, Instagram, TikTok, and Alphabet from more than 100 groups.
When is a 14% increase in quarterly ad spending a bad thing? When it’s for YouTube. While it was a healthy double-digit increase, it was a “deceleration” from 24% growth YouTube had in the fourth quarter of 2021, and it was the main reason Wall Street analysts attributed to a sell-off in parent Alphabet’s shares following the release of its first quarter results.
As usual, Google’s ad business accounted for the bulk of Alphabet’s profits. The Mountain View, Calif., company earned $20.6 billion, or $30.69 per share, well above the average estimated of $27.66 per share among analysts surveyed by FactSet Research. Revenue rose 32% from the previous year to $75.3 billion, eclipsing analysts’ predictions for revenue of $72.3 billion.
The House committee investigating the Jan. 6 attack on the Capitol issued subpoenas on Thursday to four major social media companies — Alphabet, Meta, Reddit and Twitter — criticizing them for allowing extremism to spread on their platforms and saying they have failed to cooperate adequately with the inquiry.
Mountain View, California-based Alphabet Inc. said Tuesday that it earned $18.94 billion, or $27.99 per share, in the July-September period. Revenue rose 41% to $65.12 billion. The advertising business, the core of the company, rose 43% to $53.13 billion. YouTube’s ads jumped 43%, to $7.21 billion, and the cloud-computing business climbed 45% to $4.99 billion.
The robust first quarter advertising growth announced Tuesday provides the latest sign that advertisers are expecting the economy to roar back to life as more people get vaccinated against COVID-19 and burst out of their pandemic cocoons.
The chief executives of Twitter, Alphabet and Facebook (l-r: Jack Dorsey, Sundar Pichai and Mark Zuckerberg) will appear before a House panel, where they will face questions about social media’s role in fomenting discord and their decisions to suspend or ban former President Trump.
Google/YouTube parent Alphabet saw revenue jump last quarter driven by YouTube and search. Total sales surged to $56.9 billion for the last three months of 2020 from $46 billion the year before, smashing expectations. YouTube ad revenue jumped to $6.9 billion from $4.7 billion the year before and $5 billion last quarter. Google search and other advertising revenue was $31.9 billion, from $27.2 billion the year before.
Facebook and Google agreed to “cooperate and assist one another” if they ever faced an investigation into their pact to work together in online advertising, according to an unredacted version of a lawsuit filed by 10 states against Google last week.
During its third quarter earnings call, Google and YouTube parent company Alphabet reported that YouTube TV subscribers had passed 3 million. That’s up from 2 million reported in February — despite a monthly price hike from $50 to $65 at the end of the third quarter, following its deal to carry legacy Viacom cable networks. The new number puts YouTube TV in second place among virtual vMVPDs, behind Hulu, with 3.4 million subscribers as of 2Q.
While all five — Amazon, Google parent Alphabet, Facebook, Apple and Twitter — exceeded analyst expectations, gloomy forecasts and other uncertainties led to share-price declines for all but Alphabet in after-market trading.
Apple, Facebook, Amazon and Alphabet rallied on Thursday ahead of earnings reports from the group of technology heavyweights that has helped keep Wall Street in positive territory this year, despite the coronavirus pandemic.
Alphabet Inc. on Friday settled a shareholder lawsuit that accused the Google parent of covering up lavish exit packages to executives found responsible for sexual misconduct, saying it would overhaul workplace policies and increase oversight of its diversity efforts.
The staggering economic fallout caused by the coronavirus pandemic was reflected in reports released Thursday from Amazon, Facebook, Apple and Google’s corporate parent, Alphabet.
YouTube brought in $4.04 billion during the first quarter, marking an increase of 33% from the 1Q 2019, according to parent company Alphabet, which reported its first quarter earnings on Tuesday afternoon. Overall, YouTube accounted for nearly 10% of Alphabet’s $41.16 billion in 1Q sales. (Alphabet is also the parent company of Google.) YouTube’s $4.04 billion in 1Q sales falls a bit short of where it was at during the last quarter of 2019, when it reported $4.72 billion in revenue.
The Federal Trade Commission has launched a lookback at some of the smaller past acquisitions by some of the largest tech companies. The FTC said Tuesday it has issued “special orders” to Alphabet (Google), Amazon, Apple, Facebook, Google and Microsoft, which require them to provide info on all acquisitions over the past decade (Jan. 1, 2010 through Dec. 31, 2019).
Google’s parent company becomes the fourth tech company — after Apple, Amazon and Microsoft — to reach the market milestone.
Alphabet’s change of leadership should simplify the company’s unorthodox management structure under new boss Sundar Pichai without creating unwanted turbulence in strategy at one of Silicon Valley’s biggest names, Wall Street analysts said on Wednesday.
Google co-founders Sergey Brin and Larry Page (above, l-r, in 2008) are stepping down from their roles within the parent company, Alphabet. Page, who had been serving as CEO of Alphabet, and Brin, who had been president of Alphabet, will remain on the board of the company.
On Monday, Google parent Alphabet met growth expectations for its key moneymaking businesses — notably its advertising business, which reported revenues that increased 17% to $33.9 billion during the quarter. But Alphabet’s capital expenditures grew at the same time, rising to $6.7 billion in the period as Google continued to expand its headquarters and build data centers for its cloud computing business.
The strong second-quarter esults from Google’s parent, which topped Wall Street expectations, should ease worries — provoked by a disappointing first quarter — that the company was slowing down after years of fast growth.
Not likely. Analysts believe the Alphabet unit generates between $16 billion and $25 billion a year, while local TV broadcasting tops $30 billion. But no one knows for sure because Alphabet has decided not to break out YouTube’s financials in its earning reports.
Not likely. Analysts believe that the Alphabet unit generates between $16 billion and $25 billion a year, while local TV broadcasting annual revenues tops $30 billion. But no one outside the company knows for sure because it has decided not to breakout YouTube’s financials in its earnings reports.
The Alphabet-owned streaming behemoth has its revenue and profit statistics swept up into the larger collection of its parent company’s business units. Investors are expressing growing frustration with the veil covering YouTube, seeing it as a reason for alarm after Alphabet posted its slowest growth rates this quarter since 2015.
Alphabet’s first-quarter revenue missed analysts’ estimates, sparking concern that advertisers are shifting some spending from Alphabet’s Google subsidiary to digital rivals. Revenue from Google advertising rose 15% from a year earlier. That was down from 24% year-over-year growth in the first quarter of 2018.
Alphabet Inc’s Wing Aviation unit on Tuesday got the OK to start delivering goods by drone in Virginia later this year, making the sister unit of search engine Google the first company to get U.S. air carrier certification, the Federal Aviation Administration said.
The Trump administration has been considering antitrust proceedings against Amazon, Facebook, and Google’s parent Alphabet.
The lineups of three of the 11 groups that make up the benchmark S&P 500 index are being reordered as of Monday. Twenty companies in the index, including famous names like Facebook, Alphabet and Netflix, will find a new home.
Alphabet, Facebook, Netflix and others will be in focus on Sept. 24 when they are moved out of the tech and consumer discretionary sectors into a deepened pool of communication and media stocks. In the largest-ever shakeup of the Global Industry Classification Standard (GICS), the telecommunication services sector will be renamed “communication services” and include 18 companies pulled from consumer discretionary and technology, including Netflix, Walt Disney Co. and Twitter.
The Senate intelligence committee said on Wednesday it would hold a hearing next week to look at how social media companies are responding to foreign influence operations, with testimony expected from top executives of Twitter, Facebook and Alphabet.
Google parent Alphabet Inc. missed quarterly profit forecasts as steady ad sales growth was offset by increased spending to promote its consumer gadgets, YouTube video app and cloud computing services, the technology company said on Thursday.
The Alphabet executive, who has been with Google since 2001, will become a technical adviser and will continue to serve on the company’s board.
Alphabet Inc. beat projections for third-quarter sales and earnings, after a surge in the number of Google ads helped the internet giant shrug off concerns about rising costs, regulatory assaults and an expensive foray into hardware. Sales for the quarter rose to $22.27 billion and profit was $9.57 a share, the company said. Analysts on average estimated sales of $22 billion on earnings of $8.34 a share.
Google parent Alphabet reported a second-quarter profit that fell sharply from a year earlier, hurt by a big antitrust fine in Europe. Alphabet shares slipped in after-hours trading after its cost-per-click number fell 23%, more than the 15% drop analysts expected.
Google parent Alphabet reported quarterly earnings that topped analysts’ estimates and revenue that beat expectations, and announced a more than $7 billion stock buyback authorized this month.
Google parent Alphabet earned $4.9 billion during the April-June quarter, a 24% increase from the same time last year. After subtracting ad commissions, Alphabet’s revenue climbed 22% to $17.5 billion.
It will still use the Google name for its popular Internet search engine, mapping service and related products. But CEO and co-founder Larry Page said Monday the creation of the new holding company called Alphabet will provide more independence for divisions like Nest, which makes Internet-connected home appliances, and Calico, which is researching ways to prolong human life.