Alphabet Misses

July 27, 2022

Alphabet reported financial results for the quarter ended June 30, 2022. The firm had EPS of $1.21 with $1.28 expected. On the top line, their revenue came in at $69.69 billion with $69.9 billion expected.

Google Cloud revenue was $6.28 billion with $6.41 billion expected.

Sundar Pichai, CEO of Alphabet and Google, said: “In the second quarter our performance was driven by Search and Cloud. The investments we’ve made over the years in AI and computing are helping to make our services particularly valuable for consumers, and highly effective for businesses of all sizes. As we sharpen our focus, we’ll continue to invest responsibly in deep computer science for the long-term.”

Ruth Porat, CFO of Alphabet and Google, said: “Our consistent investments to support long-term growth are reflected in our solid performance in the second quarter, with revenues of $69.7 billion in the quarter, up 13% versus last year or 16% on a constant currency basis. We are focused on responsible capital allocation in support of our growth opportunities.”

On July 15, 2022, the company executed a 20-for-one stock split with a record date of July 1, 2022, effected in theform of a one-time special stock dividend on each share of the company's Class A, Class B, and Class C stock. All references made to share.