Google parent Alphabet posts revenues of $65bn as ads move online
Google parent Alphabet continued big tech’s profitable march through earnings season, reporting third-quarter results that exceeded Wall Street’s expectations and a near doubling in profits as advertisers chased the consumer shift to online.
Alphabet’s revenue rose 41% to $65.12bn over the last three months, its largest revenue figure in 14 years. It posted a profit of over $21bn, nearly three times the figure it reported before the pandemic.
The company, which has seen its share price increase 57% for the year to date, making it the best performer of the “Faang” companies (Facebook, Apple, Amazon, Netflix and Google), saw advertising revenue rise to $53.13bn – up from $37.1bn last year.
Revenue from its cloud division, which trails Amazon Web
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