(Alliance News) - Alphabet Inc reported a sharp fall in quarterly income on higher costs and foreign exchange headwinds but recorded a rise in revenue.
The California-based technology conglomerate reported a 27% fall in net income to USD13.91 billion in the third quarter of 2022 compared to USD18.94 billion a year before.
It recorded net expenses of USD902 million from income of USD2.03 billion.
Operating income fell 19% to USD17.14 billion from USD21.03 billion.
Alphabet noted foreign exchange headwinds. Further, its operating margin declined to 25% from 32%.
More positively, revenue rose by 6.1% to USD69.09 billion in the period from USD65.12 billion. The company attributed the revenue growth to healthy fundamental growth in Search and momentum in the Cloud business.
"We're working to realign resources to fuel our highest growth priorities," Chief Financial Officer Ruth Porat commented.
Shares closed up 1.9% at USD104.48 each on Tuesday evening in New York. In after-hours trading, the stock was down 5.6%.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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