Alphabet's Search Revenue in Q2 2022 was up +13.5% over pcp, but only +2.7% vis-a-vis Q1 2022, i.e. sequentially flat in CPI-adjusted terms. Reading through the transcript from their Q2 earnings call, I thought Alphabet's Management were quite cagey in terms of providing information on the trend in Ads spending. So, while their result may not have been as weak as many expected/feared, I think it corroborates the view (as already flagged by SNAP) that the Ads spending cycle has probably already peaked.
Alphabet's Search Revenue in Q2 2022 was up +13.5% over pcp, but...
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$11.70 |
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