The parent company of Google, for those who do not know, is Alphabet, announced the financial results for the second quarter of 2020, which are not very encouraging.
The alphabet was one of four tech giants reporting quarterly earnings on Thursday, and the only one whose results showed a decline from the year-ago quarter. Its stock rose slightly in after-hours trading Thursday.
The coronavirus did a lot of damage
For the first time in its history, Alphabet saw a drop in revenue. Specifically, from April to June 2020, the technology giant had revenues of 38.3 billion US dollars, showing a decrease of 2% compared to the first quarter of 2019, which had revenues of 38.94 billion US dollars.
In addition, the company had an operating income of US $ 6.38 billion and a net income of US $ 6.96 billion. By comparison, Alphabet reported revenue of US $ 41.16 billion in the previous quarter and the US $ 6.84 billion in net revenue.
At the same time, the Alphabet’s revenue from YouTube ads was $ 3.81 billion, and the Cloud reported revenue of $ 3 billion. Also, the remaining Google products generated revenue of 5.12 billion US dollars compared to 4.08 billion US dollars in the same quarter of 2019.
Finally, the Other Bets of Alphabet show a steady decline, indicating 148 million American dollars revenue due mainly to Verily and Fiber, which last quarter had revenue USD 135 million America. In the same quarter of 2019, the company’s revenue from Other Bets was 162 million US dollars.
