Google parent Alphabet posts first revenue decline in company history

CNN/Stylemagazine.com Newswire | 7/30/2020, 4:46 p.m.
Google's parent company Alphabet posted the first revenue decline in its history during the three months ended in June, a ...
Sundar Pichai, chief executive officer of Alphabet Inc., delivers a speech on artificial intelligence at the Bruegel European economic think tank in Brussels, Belgium, on Monday, Jan. 20, 2020./Credit: Geert Vanden Wijngaert/Bloomberg/Getty Images

By Clare Duffy, CNN Business

(CNN) -- Google's parent company Alphabet posted the first revenue decline in its history during the three months ended in June, a sign of just how much the global pandemic and economic downturn is straining its core advertising business.

The internet giant on Thursday reported nearly $38.3 billion in revenue for the second quarter, down 2% from the year prior. Still, revenue was slightly higher than the $37.4 billion Wall Street analysts had expected.

The company posted net income just shy of $7 billion, which also beat analysts' projections.

"We continue to navigate through a difficult global economic environment," Alphabet CFO Ruth Porat said in a statement with the earnings report.