Alphabet Chief Financial Officer Ruth Porat said the final month of the quarter was difficult.
The first loosening of coronavirus restrictions would be for ‘lower risk’ businesses, including some manufacturing and small companies.The company doesn’t issue forecasts. However, Chief Financial Officer Ruth Porat said the final month of the quarter was difficult. “Performance was strong during the first two months of the quarter, but then in March we experienced a significant slowdown in ad revenues,” she said in a statement.
The long-term opportunities include search, cloud computing, machine learning and consumer hardware, Porat added, while noting the company is “looking at levers we have to moderate spending.” Alphabet shares gained 3.9% in extended trading. The stock closed at $1,232.59 in New York and has fallen about 7% this year.
In Asia, where the pandemic hit earlier, Google revenue fell 3% in the first quarter, from the previous period.Google is culling its own advertising budget as part of a broader effort to contain costs, Chief Executive Officer Sundar Pichai said in a recent memo to employees. Alphabet has diversified into cloud services and gadgets, but advertising still accounts for the vast majority of revenue. Large clients like Expedia Group Inc. are already slashing marketing costs. Interpublic Group of Cos.
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