Sherwood News

Susan Wojcicki helped build YouTube into a billion-dollar advertising behemoth

8/12/24 9:50AM

Susan Wojcicki, the former CEO of YouTube, employee number 16 at Google, and one-time landlord for the tech company’s founders in the late 90s, died at 56 after living with lung cancer for 2 years, according to a Facebook post from her husband on Friday.

Current Alphabet CEO Sundar Pichai paid tribute in a memo to employees, highlighting Wojcicki’s role in building the Google ad business, her work leading YouTube, and her parental leave advocacy (Wojcicki was the first Googler to take maternity leave) which “set a new standard for businesses everywhere”.

Platform pioneer

Wojcicki has been credited with convincing the Google board to stump up the $1.65 billion for YouTube in 2006, as Google Video, the unit she oversaw at the time, struggled to compete.

8 years later, she was made CEO of the video-sharing platform, with The Wall Street Journal reporting that YouTube made about $4 billion in the year that Wojcicki took the helm. Per Alphabet’s latest annual report for 2023 — the year that Wojcicki resigned to focus on her family, health, and personal projects — adverts made the company $31.5 billion. That figure was up ~690% since 2014 and accounted for more than 10% of Alphabet’s overall revenue for the year.

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eBay stock slumps on gloomy Q4 outlook despite solid Q3 earnings

Shares of eBay fell as much as 10.5% in premarket trading on Thursday morning after the company gave a lower-than-expected profit forecast for the important holiday shopping season.

The e-commerce giant reported solid numbers for the third quarter on Wednesday, with revenue up 9% as reported to $2.8 billion and gross merchandise volume rising 10% to $20.1 billion, topping the average analyst forecast of $19.4 billion, per Bloomberg.

However, concerns about the future somewhat overshadowed these results.

eBay outlined its profit outlook for the period ending in December to $1.31 to $1.36 a share, with revenue at $2.83 billion to $2.89 billion. According to Bloomberg-compiled data, this broadly matches Wall Street’s estimates for the top line, but misses on the bottom line, with analysts forecasting EPS to come in at $1.39 — suggesting the company expects some further margin pressure.

The company has been facing macroeconomic challenges since the US ended the de minimis tariff exemption in late August, with the online marketplace reliant on shipments. One small silver lining? CFO Peggy Alford highlighted a “less durable trend” on a post-earnings call: that as commodity prices for precious metals boomed, demand for bullion and collectible coins on eBay spiked.