Google’s advertising revenue will drop 8% as businesses face economic headwinds

Google, the internet advertising and search giant, has acknowledged that revenues in the second quarter fell to just US$38297 billion, a 2% decline in the same quarter last year, even if the recession wasn’t spared. $29,877 million was driven by Google advertising, down 8% from last year’s $3,2494.9 billion.

CEO of Google and its parent Alphabet, Sundar Pichai, pointed to a period of uncertainty in the world, where the economic environment remains fragile.

The macroeconomic environment triggered by the pandemic has brought headwinds to our business, he said. However, CFO Ruth Polat said he was cautious about the results for the second quarter.

Google Second Quarter Revenue Breakdown (click to enlarge)

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YouTube advertising revenue increased from $3.606 billion in the second quarter of 2019 to $3.812 billion.

Operating expenses increased 7% year-over-year to US$13.4 billion, driven primarily by headcount growth. The number of employees in the alphabet increased from 107,636 in the second quarter of 2019 to 127,498 in the second quarter of 2020.

The company spent $6.875 billion on research and development for the entire quarter. R&D expenditures for the past calendar year amounted to US$13,655 million from US$12,222.4 million in 2019.

Sales and marketing costs also increased. In the fourth quarter, it was down 7.4% to $3,901 million, but for the half year it was up 3.5% to $8,401 million.

Pichai told investors that the company is focused on providing users with a trustworthy experience and doing more to protect their privacy. He also says that this will allow him to eliminate coordinated foreign influences, prevent hacking and phishing attempts, demand transparency and implement political advertising policies that ban narrow micro-targeting. , Attention has been paid to the security of elections.

Alphabet Finance (click to enlarge)

Both Google and Facebook are under the microscope in Australia, and more broadly in the United States. Facebook CEO Mark Zuckerberg said he was plagued by scrutiny of Internet advertising, but Google’s Pichai said it was appropriate given the size of the company.

Uncertain about our user-focused approach, evidence in almost every area where we do business opens up choices, lower overall prices, and overall a very fast pace of innovation. He said. Therefore, its dynamic and competitive.

He predicted that scrutiny would continue for some time and said the company would adapt as needed.

Twitter has revealed a 22% decline in advertising revenue over the past few weeks. In contrast, Facebook’s advertising revenue grew 10.2% over the quarter to over $18 billion.

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