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Google-parent Alphabet Inc missed market estimates for quarterly revenue

Alphabet Inc., the parent company of Google, underperformed market expectations for quarterly revenue on Tuesday as a result of advertisers’ reduced spending due to the slowing economy. The worldwide internet advertising sector is under pressure due to worries that consumers would cut down on spending as interest rates rise and inflation skyrocket, leading businesses like Snap Inc to issue warnings about revenue growth. After-hours trading saw a 2.5% decline in Alphabet shares. In the third quarter, Google’s advertising income increased from $53.13 billion to $54.48 billion. In comparison to the same fiscal quarter last year, the company’s overall sales increased to $69.09 billion from $65.12 billion.

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