Tech giants Microsoft and Alphabet report their financial results in the US, with both seeing challenges in the current economy
The Google parent company said it saw second-quarter revenue rise to $69.69bn from $61.88bn a year earlier - nearly in line with the average expectation of $69.88bn .Google's ad business was 81% of quarterly revenue, with sales coming in at $56.29bn - just below the average estimate of $56.67bn .Companies such as Alphabet are increasingly bringing in less cash from foreign revenue, due to the strong US dollar, and its shares have fallen more than 27% this year.
"A positive reaction from the latest quarterly numbers has been incredibly hard-won, given the negative market sentiment surrounding broader tech. "Alphabet's essential status for marketers makes it more able to stomach inflation, as its customer base is about as sticky as they come in the sector. However, it's not completely immune to residual issues from a tough economic backdrop."
Shares of Microsoft were down 0.5% in after-hours trading, while Alphabet was up 3% following the companies' results.
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