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Google Profits Plummet 27 Percent in Q3 2022 Earnings Report

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Enlarge (credit: Sean Gallup | Getty Images)

Google CEO Sundar Pichai has been on a belt-tightening mission at Google over the past three months, so it seems he saw this coming: Parent company Alphabet’s latest earnings are kind of a disaster. The company’s Q3 2022 earnings were released last night, and they show a 27 percent drop in profits compared to last year, with weaker-than-expected earnings and revenue.

Revenue was up 6 percent year over year to $69.1 billion, a sharp growth decline from 2021 Q3, which saw 41 percent growth. Profits were at $13.9 billion, down from $18.9 billion in Q3 2021. As usual, Alphabet earnings are mostly about Google ad revenue and click-through rates, with the company citing reduced spending from the “insurance, loan, mortgage, and crypto subcategories” in particular. Worries about the economy and inflation are causing many Google customers to cut their ad budgets.

Alphabet doesn’t break down the non-ads business in much detail, but the two biggest money losers on Alphabet’s reports are the “Other Bets” section and Google Cloud. Other Bets lost $1.6 billion, more than the $1.29 billion loss a year ago. “Other Bets” is the “non-Google” part of Alphabet and includes long-term R&D projects like Waymo self-driving cars and the “Wing” drone delivery project. Google says the only significant revenue generators for Other Bets are the “health technology” projects—that would be Verily and/or Calico—and “Internet services,” aka Google Fiber.

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Source Here: arstechnica.com

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BREAKDOWN: Why Proof-of-Reserves Now

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After the events of this week, exchange reserve attestations seem more urgent than ever.

This episode is sponsored by Nexo.io and Circle.

On this edition of “Long Reads Sunday,” a reading of Nic Carter’s 2020 essay “How to Stop the Next Quadriga: Make Exchanges Prove Their Reserves.”

Nexo Pro allows you to trade on the spot and futures markets with a 50% discount on fees. You always get the best possible prices from all the available liquidity sources and can earn interest or borrow funds as you wait for your next trade. Get started today on pro.nexo.io.

Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “War” by Enoch Yang. Image credit: Alex_Doubovitsky/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Original Post: content.production.cdn.art19.com

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Starlink to Cap Users at 1TB of High-speed Data Unless They Pay Extra

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Enlarge / The new version of Dishy McFlatface. (credit: Starlink)

Starlink is imposing new data-usage limits on its Internet customers, slowing speeds after a customer uses 1TB in any given month unless they pay extra. While the new data limits are in some ways more forgiving than Comcast’s data cap, the change may be concerning to Starlink users who have already seen slower speeds in recent months.

“To ensure our customer base is not negatively impacted by a small number of users consuming unusually high amounts of data, the Starlink team is implementing a Fair Use policy for Residential customers in the US and Canada and all Business/Maritime customers beginning December 2022,” a FAQ says.

Under Starlink’s fair use policy, residential customers will get 1TB of “priority access data” each month. After using 1TB, customers can keep accessing the Internet at slower speeds or pay $0.25 per gigabyte for “additional priority access.” Starlink sent emails to customers notifying them of the new policy late last week. The residential service’s base price is $110 per month.

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Source Here: arstechnica.com

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BREAKDOWN: Jason Choi on How Crypto Investing Can Better Align With Decentralization Goals

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The investor and podcaster takes a different approach than many. 

This episode is sponsored by Nexo.io, Circle and FTX US.

On today’s episode, NLW is joined by Jason Choi. Jason is an investor with Web3 angel collective Tangent, and also produces the long running “Blockcrunch” podcast (and companion VIP newsletter). In this conversation, he and NLW talk about the state of the markets, why crypto venture capital can be misaligned with the goals of decentralized networks, and what the alternatives might be. 

Find our guest on Twitter: @mrjasonchoi

Nexo Pro allows you to trade on the spot and futures markets with a 50% discount on fees. You always get the best possible prices from all the available liquidity sources and can earn interest or borrow funds as you wait for your next trade. Get started today on pro.nexo.io.

Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses.

FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “War” by Enoch Yang. Image credit: Nuthawut Somsuk/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Source: content.production.cdn.art19.com

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