YouTube Ad Revenue Growth Slows Dramatically in Q1, Alphabet Misses Expectations
YouTube advertising sales for the first three months of 2022 grew 14%, to reach $6.9 billion — missing Wall Street expectations and representing a major cooling off from the torrid pace the video giant had seen during the COVID pandemic.
By comparison, YouTube’s ad revenue growth was 49% in the year-ago period and was up 46% for the full year 2021. Alphabet, the parent company of Google and YouTube, reported total revenue for Q1 of $68.01 billion, up 23%, and net income of $16.44 billion (or $24.62 per share), falling shy of Wall Street expectations.
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Financial analysts on average expected Alphabet to post Q1 revenue of $68.1 billion and EPS of $25.96, per Refinitiv. YouTube ad revenue was projected to hit $7.48 billion in the quarter, according to FactSet.
More to come.
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