And in total, Wall Street analysts expected the company to earn about $76.530 million, but it fell a bit short, only earning $76.050 million.
“Our long-term investments in high-end computing leave us well positioned as AI reaches a tipping point, and I’m excited about the AI-powered leaps we’re about to reveal in Search and beyond. There’s also a big push in the cloud, YouTube subscriptions and our Pixel devices, Pichai noted.
However, the company points out that in addition to the reduction of the 12,000 employees that the company had in the first month of the year, it will evaluate whether it can optimize the space of its offices in the world.
“We are taking steps to optimize our global office space. As a result, we expect to incur exit costs related to office space reductions of approximately $500 million in the first quarter of 2023,” the company’s letter to its investors states.
In addition to this data, Alphabet indicated that it will assume a charge of between 1.9 billion and 2.3 billion dollars in the first quarter of 2023, related to the layoff of 12,000 employees that it announced in January.
Ruth Porat, CFO of Alphabet and Google, said: “We have important work underway to improve all aspects of our cost structure, in support of our investments in our top growth priorities to deliver long-term profitable growth.”
