It hasn’t been a good quarter for most people and Google parent company Alphabet is no exception. After sitting through a grueling five-hour grilling yesterday, CEO Sundar Pichai said today in the company’s earnings release, “We’re working to help people, businesses and communities in these uncertain times.” Alphabet saw its revenue for the second quarter of 2020 fall 2 percent compared to the same period last year. Still, it made $38.3 billion, with a net income of $6.96 billion. Meanwhile, Apple just posted today that its quarterly revenue was $59.7 billion, which is a jump of 11 percent from last year. Surprisingly, Facebook, which also announced its earnings today, saw a growth in ad revenue of more than 10 percent despite a recent ad boycott.
On the company’s earnings call, Pichai said the decline in revenue was largely due to the “macroeconomic environment caused by the pandemic”, but noted that it was seeing early signs of stabilization. We saw the first signs of this dip last quarter, when the company saw ad revenue take a major hit in March. Perhaps because people are watching YouTube more than usual now, YouTube Ads actually pulled in more money than the same period last year, garnering about $3.8 billion. But that’s still a drop from the $4 billion made last quarter.