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As letters (NASDAQ: GOOG) shares fell as much as 6% in after-hours trading on Thursday following fourth-quarter results that missed analysts’ estimates, Chief Executive Sundar Photosi said the Internet giant is not slowing down with its plans. move on to technical engineering.
“The way we unlock the incredible possibilities of AI is going to help the way we invest,” Photosi said at a press conference Thursday afternoon. “AI is the most profound technology we are working on today.”
Foxi went on to say that Alphabet (GOOG) is in “the best position as AI reaches its peak” and that the company “has been preparing for this moment since the beginning of last year.”
However, despite Fotosi’s interest in the possibilities of AI, Alphabet ( GOOG ) investors remained more interested in the company’s latest announcements than in the future.
After the close of trading on Thursday, Alphabet (GOOG) reported fourth-quarter earnings of $1.05 a share, on revenue of $76.05B, for the period ending December 31, compared to revenue of $1.53 on $75.3B in sales in the fourth quarter. . quarter of 2021. Wall Street analysts predicted Alphabet (GOOG) to earn $1.20 a share on $76.5B in revenue.
The highlight of Alphabet’s ( GOOG ) results was its ad revenue, which totaled $59B, or 3.5% less than the $61.2B in ad sales the company reported a year ago.
Photos said that “beyond our advertising business,” Alphabet ( GOOG ) has seen significant growth in areas such as Google Cloud. However, Photosi admitted that the GOOG brand was not immune to some of the issues that have hindered others on the Internet.
“It is clear that after a long time [business] epidemic escalation, macro [economic] the environment is [now] very difficult,” Pichai said.
The company also said it expects to take revenue between $1.9B and $2.3B, with most of that in the first quarter of 2023 due to its recent announcement that it will cut 12,000 jobs and scale back its hiring plans this year.
