Google’s revenue has been on an upwards trend for over a decade, but this is not helping the company’s profits lately, as shown by its latest earning report released on Tuesday. It is the same story of making more money but also spending more to do so.
Google managed to make about $69 billion in revenue during Q3 2022, which is even more than the exceptional performance shown during Q3 2021 at $65.1 billion. This only continued the consistent growth we have been seeing since 2009 at $5.9 billion.
Google’s revenue in Q3
2021: $65.1 billion
2020: $46.2 billion
2019: $40.5 billion
2018: $33.7 billion
2017: $27.8 billion
2016: $22.5 billion
2015: $18.7 billion
2014: $16.5 billion
2013: $13.8 billion
2012: $13.3 billion
2011: $9.7 billion
2010: $7.3 billion
2009: $5.9 billion— Jon Erlichman (@JonErlichman) October 26, 2021
Profit figures were a completely different story. The company made $13.9 billion during the last quarter, which is a significant drop from last year’s $18.9 billion in the same period. Last year’s figure represented a fifth straight quarter of record-breaking profits. It was also a decline compared to the last quarter when the company made a $16 billion profit.
However, on the bright side, Google’s several business units have grown compared to last year. The search engine giant’s ad business made $54.4 billion for the company, up from $53.1 billion last year, and Google Cloud’s revenue went up from $4.9 billion to $6.9 billion during the same period.
However, it is worth mentioning that the cloud department’s losses also increased from $644 million to $699 million. It also lost money in its “other bets” category, which was approximately $1.6 billion this year as opposed to around $1.3 billion in 2021.
The income from Google Network and YouTube ads also decreased slightly in Q3 2022. But on the other hand, Google had a great launch for its newest Pixel phones. CEO Sundar Pichai noted that the company had its “highest selling week ever for Pixel,” following the launch of the Pixel 7 series and Pixel Watch.
There are far more details covered in Google’s parent company Alphabet’s earnings call for Q3, 2022. You can check it out down below here.
