YouTube ad revenue disappointed Google for the first time

Alphabet Corporation reported that quarterly YouTube ad revenue fell for the first time since 2019 (when the video hosting began to disclose figures). In Q3, the revenue decreased by 1.9% year on year – down to $7.1 billion.

The current situation reflects recessionist expectations: companies are not ready to spend large budgets on advertising and promotion. According to Ruth Porat, CFO of Alphabet, this trend will continue in the fourth quarter. Porat noted that the corporation plans to reallocate resources to ensure growth in key business areas.

Earlier it became known that the corporation would reduce the number of meetings in order to become more efficient by 20%. Also, Google’s Sundar Pichai proposed to reduce the list of company-wide goals and key results (OKR) by a third.