Google reassures Wall Street with ad business showing resilience

Google parent Alphabet Inc. reported second-quarter revenue that met analysts’ expectations, reflecting the internet giant’s resilience amid slowing growth in advertising. Revenue, excluding payments to distribution partners, was $57.47 billion in the quarter, the company said Tuesday in a statement. Analysts had projected $58 billion, according to data compiled by Bloomberg. Shares rose. Subscribe to Ad Age Sign up now for the latest industry news and analysis Click here Google’s sales gains indicate the company’s advertising business—especially its search ads—may be positioned to weather a crunch in marketing spending, which has affected smaller competitors including Snap Inc. and Twitter Inc. The company is nevertheless remaining cautious, saying that it temporarily paused hiring. Google’s sales reflected “elevated consumer online activity and broad-based strength in advertiser spend,” Chief Financial Officer Ruth Porat said in the statement. Google shares rose as much as 4.5% in after-hours trading. The stock has fallen 27.5% so far this year. —Bloomberg News Sign up for Ad Age newsletters From influencer marketing to agencies, get the latest news and analysis delivered to your inbox Click here

Google reassures Wall Street with ad business showing resilience

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