Alphabet Inc. (GOOG) Q3 2022 Earnings Call Transcript

Alphabet Inc. (NASDAQ:GOOG) Q3 2022 Results Conference Call October 25, 2022 5:00 PM ET

Company Participants

Jim Friedland - Director, IR

Sundar Pichai - CEO

Philipp Schindler - SVP and Chief Business Officer

Ruth Porat - CFO

Conference Call Participants

Eric Sheridan - Goldman Sachs

Brian Nowak - Morgan Stanley

Doug Anmuth - JP Morgan

Michael Nathanson - MoffettNathanson

Ross Sandler - Barclays

Brent Thill - Jefferies

Mark Mahaney - Evercore ISI

Maria Ripps - Canaccord

Justin Post - Bank of America

[Abrupt Start] 2022 Earnings Call. At this time all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. Please go ahead.

Jim Friedland

Thank you. Good afternoon, everyone, and welcome to Alphabet’s third quarter 2022 earnings conference call. With us today are Sundar Pichai, Philipp Schindler and Ruth Porat.

Now, I’ll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking, and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. For more information, please refer to the risk factors discussed in our most recent Form 10-K filed with the SEC as updated in our Form 10-Q for the quarter ended September 30, 2022, expected to be filed with the SEC later today.

During this call, we’ll present both, GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today’s earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor.

And now, I’ll turn the call over to Sundar.

Sundar Pichai

Thank you, Jim, and good afternoon, everyone.

Our financial results for the third quarter reflect healthy fundamental growth in Search and momentum in Cloud. Our reported results reflect the effect of foreign exchange. The growth in our advertising revenues was also impacted by lapping last year’s elevated growth levels and the challenging macro climate.

We are sharpening our focus on a clear set of product and business priorities. The product announcements we have made in just the past month alone have shown that very clearly, including significant improvements to Search powered by AI, new ways to monetize YouTube Shorts, which will support the creator ecosystem, the strong series of hardware launches and a new partnership and product announcements at Cloud Next. These will all drive value for users, partners and our business.