COVID-19 saved Google a billion dollars

Stefan Mileschin · 30th April 2021, 10:02

It seems a lot of business trips and office space was a waste of cash

It appears that COVID-19 has taught big corporates that a lot of their antics are a waste of cash.

In the small print of Google’s quarterly report, it would appear that the search engine saved a fortune by being forced to step out of its normal routine.

Google saved $268 million in expenses from company promotions, travel and entertainment, compared to the same period a year earlier, "primarily as a result of COVID-19", according to a company filing. Annually that would be more than $1 billion.

Indeed, Alphabet said in its annual report earlier this year that advertising and promotional expenses dropped by $1.4 billion in 2020 as the company reduced spending, paused or rescheduled campaigns, and changed some events to digital-only formats due to the pandemic.

Travel and entertainment expenses fell by $371 million. The savings offset many of the costs that came with hiring thousands of more workers. And the pandemic prudence allowed the company to keep its marketing and administrative costs effectively flat for the first quarter, despite boosting revenue by 34 percent.

https://fudzilla.com/news/52782-covi...illion-dollars

30th April 2021, 10:02	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 148,769	COVID-19 saved Google a billion dollars It seems a lot of business trips and office space was a waste of cash It appears that COVID-19 has taught big corporates that a lot of their antics are a waste of cash. In the small print of Google’s quarterly report, it would appear that the search engine saved a fortune by being forced to step out of its normal routine. Google saved $268 million in expenses from company promotions, travel and entertainment, compared to the same period a year earlier, "primarily as a result of COVID-19", according to a company filing. Annually that would be more than $1 billion. Indeed, Alphabet said in its annual report earlier this year that advertising and promotional expenses dropped by $1.4 billion in 2020 as the company reduced spending, paused or rescheduled campaigns, and changed some events to digital-only formats due to the pandemic. Travel and entertainment expenses fell by $371 million. The savings offset many of the costs that came with hiring thousands of more workers. And the pandemic prudence allowed the company to keep its marketing and administrative costs effectively flat for the first quarter, despite boosting revenue by 34 percent. https://fudzilla.com/news/52782-covi...illion-dollars

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