In the third quarter of 2022, Google received $54.4 billion from advertising, which is 3% more than in the same period last year (for comparison, in Q3 2021, Google’s advertising revenue grew by 43% compared to the previous year). YouTube ad revenue has declined. The report was published on the website of the Alphabet group of companies, which includes Google, a comment on the report was written in Search Engine Land.
Advertising revenue on Google’s own sites rose to $39.5 billion, up 4% from the third quarter last year. Analysts had expected revenue of $41 billion, says PPCWorld.
CFO Ruth Porat attributed the modest year-over-year growth to the high bar set by Q3 2021.
YouTube ad revenue has dropped for the first time in all the years Google has released financial data reports. In the third quarter of 2022, revenue was 7.07 billion, which is 2% less than last year. Analysts had forecast growth of 3%.
Search Engine Land suggests that these trends may be due to shrinking advertiser budgets due to inflation and rising interest rates.
Google’s total revenue was $69.1 billion, up 6% from last year.