Google and Microsoft get good news amid larger tech downturn
Money Talks
English - April 26, 2023 15:00 - 6 minutesBusiness News Business News business money finance banking currency stocks politics economy economics analysis Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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It's been a hard 12 months for tech. Layoffs have eliminated thousands of jobs in Silicon Valley, and more may be on the way. But for the sector's biggest firms, there's some good news. Alphabet, the parent company of search titan Google, saw revenue of 70 billion dollars and a net profit of $15 billion in the first quarter of 2023. That's a billion dollars more than markets anticipated. Microsoft turned a $18.3 billion profit from $50 billion in total revenue. And they'll need every penny they can get, as the two companies gear up for a battle for dominance in Artificial Intelligence services. That will require major investments in hardware and, for the moment, expensive human talent.
#Google #Microsoft #TechSector