Google's parent company Alphabet's third-quarter net profit was $13.91 billion, down 27% year-on-year

On October 26, Alphabet, the parent company of Google, released its third-quarter financial report. In the third quarter, Alphabet's revenue was US$69.09 billion, an increase of 6% year-on-year, and an estimated US$70.61 billion; the net profit in the third quarter was US$13.91 billion, a year-on-year decrease of 27%, and an estimated US$16.9 billion. In the third quarter of 2022, YouTube ad revenue was $7.07 billion, down 1.9% year over year and below the $7.4 billion forecast. Search ad sales rose 4% year over year to $39.5 billion, compared with expectations of $41 billion. Cloud computing revenue came in at $6.87 billion, compared with expectations of $6.69 billion. Alphabet now has 186,779 employees, up more than 12,000 from the figure it reported in July. Google's acquisition of Mandiant resulted in a significant increase in headcount. The company said it would slow hiring, a move in line with peers like Meta and Amazon to prepare for economic uncertainty. In the third quarter, Google’s services revenue was $61.38 billion, compared with an estimated $63.98 billion; Google’s advertising revenue in the third quarter was $54.48 billion, compared with an estimated $56.98 billion; Google’s other revenue in the third quarter was $6.90 billion, compared with an estimated $6.84 billion.