Google just announced its financial results for the second quarter with revenues in tune of $17.7 billion at a 11% year-on-year growth. The company beat earnings forecasts but the elephant in the room was the drop in revenue growth from 22% to 11%.
Investors were happy with Google’s financial performance and it highlights the work of recently recruited CFO Ruth Porat who credited the company’s revenue growth to YouTube and search ads.
While revenue growth might be slowing, Google has already started taking measures to become more frugal. It was noted that Q1 was the worst quarter for hiring at Google since Q4 2014.
Google is battling with Facebook on the video streaming front but Ruth did give a positive outlook for YouTube as watch time is up by 60 percent, with average viewing sessions on mobile reaching over 40 minutes.