Alphabet Inc. (NASDAQ: GOOGL, GOOG) reported third quarter 2022 earnings results today.
Total revenues increased 6% year-over-year to $69 billion.
Net income was $13.9 billion, or $1.06 per share, compared to $18.9 billion, or $1.40 per share, last year.
Both the top and bottom line numbers missed estimates, sending the stock tumbling 5% in after-market hours on Tuesday.
“Our third quarter revenues were $69.1 billion, up 6% versus last year or up 11% on a constant currency basis. Financial results for the third quarter reflect healthy fundamental growth in Search and momentum in Cloud, while affected by foreign exchange. We’re working to realign resources to fuel our highest growth priorities.” – Ruth Porat, CFO of Alphabet and Google.