Here's what Alphabet CFO Ruth Porat is betting on as YouTube ad revenue slumps

This year’s tech-stock slump continues as Google misses the mark on its latest earnings. But the tech giant is betting on the world’s pivot to a distributed workforce, hybrid work, and digital transformation, more than the next YouTube star, to help buoy future growth. Alphabet, the parent company of Google and YouTube, reported a total of $69.1 billion in revenue in the third quarter that ended Sept. 30, a 6% increase from $65.12 billion at the same time last year. On average, analysts expected revenue to be $70.58 billion, according to Refinitiv data. YouTube advertising revenue declined. The company reported $7.07 billion in revenue for the quarter, compared to $7.2 billion in the third quarter of 2021. Regarding Google Search, which is in the Google services segment, “we did see a pullback in spend by some advertisers in certain areas in search ads,” Philipp Schindler, SVP and chief business officer at Google, said during the company’s earnings call on Tuesday. “For example, in financial services, we saw a pullback in the insurance, loan, mortgage, and crypto subcategories. There’s no question we’re operating in an uncertain environment.” The third quarter reflects, “healthy fundamental growth in search and momentum in cloud, while…
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