One of the most valuable companies in the world, Alphabet, has a market capitalisation of nearly $1.35 trillion. Alphabet (GOOGL) will hold its quarterly conference call to discuss first quarter 2023 financial results on Tuesday, April 25, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). GOOGL trades around $105 and is up by 20% in 2023 but is still lower by 14% over the 1-year period.

With fewer advertising dollars being spent, notably by the financial industry, top-line growth is likely to remain low for Google. Alphabet’s Cloud unit should approach a breakeven margin following its targeted layoffs, even though its core search-ads business is still under pressure from macroeconomic uncertainties.

Google is reportedly already working on an AI project with the working name “Magi” that will be made available in May 2023. According to reports, Samsung informed the business that it was thinking about making Bing its default search engine.

Alphabet incurred employee severance and related charges of $1.9 billion to $2.3 billion, the majority of which the company recognized in the first quarter of 2023. “As it relates to headcount, the reported number of employees at the end of the first quarter of 2023 will include almost all of the employees affected by the announcement. We expect most of those affected will no longer be reflected in our headcount by the end of the second quarter of 2023, subject to local law and consultation requirements,” says a company statement.

Also, the group, called Google DeepMind, will be reported in Alphabet’s unallocated corporate costs beginning in the second quarter of 2023.

Further, In the second quarter of 2022, Alphabet informed its employees that, beginning in 2023, the timing of their annual employee stock-based compensation awards would shift from January to March.

Alphabet’s 2023 Annual Meeting of Stockholders will be held on Friday, June 2, 2023 at 9:00 a.m., Pacific Time. Larry Page and Sergey Brin founded Google in September 1998 and in October 2015, Alphabet became the parent holding company of Google.