Punctuating the struggles of most sellers of digital advertising in the current climate, Google parent Alphabet reported an 8% drop in ad revenue at YouTube in the fourth quarter
Google’s struggles in all ad categories dragged Alphabet earnings below expectations. On a per-share basis, they slipped to $1.05 from $1.53 in the year-ago quarter. Analysts had expected profit of $1.19 a share. YouTube, which has seen a boom in overall viewing and growth in its extensions in short-form video and pay-TV, posted ad revenue of $7.963 billion, compared with $8.633 billion in the prior-year period.
A pullback in digital advertising, prompted by a turbulent macroeconomic environment highlighted by high inflation and surging interest rates, has hit several tech giants of late. Snap Inc. and Meta Platforms issued soft ad results earlier this week, though Meta’s eclipsing of Wall Street forecasts and other factors powered a strong gain in its share price despite the ad-sales woes.
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