YouTube Ad Revenue Bounces Back As Google Shows Strong Q2 Earnings
Ad revenue is up about 4%.
According to the earnings statement from parent company Alphabet Inc., YouTube returned to growth in the second quarter of 2023, with ad revenue up about 4% year-over-year to $7.7 billion. The news arrived along with the announcement of a rebound in Google’s advertising income (Google is also part of Alphabet).
“[In] YouTube, we saw ongoing signs of stabilization in advertiser spending,” said Chief Financial Officer Ruth Porat. “We are prioritizing product focus on increasing quality of video content consumption.” Porat will take on the newly created president and chief investment officer role. Alphabet will seek a new CFO to take over a job that Porat, a former investment banker, has handled for the past eight years.
“We are in a period of incredible innovation in search,” Alphabet CEO Sundar Pichai said Tuesday during a conference call from London, where he said he was visiting the DeepMind division overseeing the company’s AI efforts.
The brewing battle for AI supremacy is set to demand billions of dollars in investments in the upcoming years – money that Alphabet should be able to obtain from Google’s advertising machine, with its video platform YouTube playing a pivotal role.
Sources: AP; Marketingdive.com
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Ad revenue is up about 4%.
According to the earnings statement from parent company Alphabet Inc., YouTube returned to growth in the second quarter of 2023, with ad revenue up about 4% year-over-year to $7.7 billion. The news arrived along with the announcement of a rebound in Google’s advertising income (Google is also part of Alphabet).
“[In] YouTube, we saw ongoing signs of stabilization in advertiser spending,” said Chief Financial Officer Ruth Porat. “We are prioritizing product focus on increasing quality of video content consumption.” Porat will take on the newly created president and chief investment officer role. Alphabet will seek a new CFO to take over a job that Porat, a former investment banker, has handled for the past eight years.
“We are in a period of incredible innovation in search,” Alphabet CEO Sundar Pichai said Tuesday during a conference call from London, where he said he was visiting the DeepMind division overseeing the company’s AI efforts.
The brewing battle for AI supremacy is set to demand billions of dollars in investments in the upcoming years – money that Alphabet should be able to obtain from Google’s advertising machine, with its video platform YouTube playing a pivotal role.
Sources: AP; Marketingdive.com
