Microsoft (MSFT) on Tuesday also reported that it took a revenue hit of $100 million during the quarter from a reduction in advertising spend.

During a call with Wall Street analysts Tuesday, Alphabet CFO Ruth Porat pointed to "pullbacks in spend by some advertisers," including due to economic uncertainty and "lower engagement levels" with its products compared to during the pandemic.

Google's Search advertising is often considered better insulated from economic issues than other online ad formats. Still, the challenging macroeconomic environment may continue to weigh on Google's business in the upcoming quarters. Google earlier this month said it plans to slow its pace of hiring and rethink investments for the remainder of this year amid the market downturn and economic uncertainty.

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"We are focused on hiring engineering, technical and other critical roles ... and we are working to increase productivity," Alphabet CEO Sundar Pichai said on Tuesday's call.

"It's a privilege to build technologies that are helpful in good times, and in uncertain ones," Pichai added.

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A bright spot from Google's earnings was a nearly 36% year-over-year revenue increase from its cloud computing segment.