Alphabet tempers fears that it's falling behind in AI with blowout first-quarter results
Alphabet tempers fears that it's falling behind in AI with blowout first-quarter results
Apr 26, 2024 by CNBC
Key Facts
- Justin Sullivan | Getty Images News | Getty Images Alphabet went into its earnings report on Thursday facing concerns about the growth of its core Google ads business and the company’s ability to generate profits from its hefty investments in artificial intelligence.
- First-quarter results showed the core advertising business is reaccelerating after a difficult 2022 and 2023, when brands reeled in spending to contend with rising interest rates and inflationary concerns.
- Alphabet has been on a cost-cutting spree since last year in anticipation of slower ad growth and increased spending on AI, where competition has grown rapidly in the last year.
- CEO Mark Zuckerberg opened the investor call saying he planned to spend billions of dollars investing in areas like artificial intelligence and the metaverse, even though Meta counts on advertising for 98% of its revenue.
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