Google’s parent Alphabet continued Big Tech’s profitable march throughout the revenue season, with advertisers chasing consumers to move online, resulting in better-than-expected third-quarter results and near-wall profits. It has doubled.
Alphabet revenue increased 41% over the past three months to $ 65.12 billion. This is the biggest revenue in 14 years. It made more than $ 21 billion in profits, almost three times the pre-pandemic report.
The company’s share price has risen 57% over the past year, making it the best performing Faang company (Facebook, Apple, Amazon, Netflix, Google), with advertising revenue rising from $ 37.1 billion to $ 53.13 billion. bottom. last year.
Revenue from the cloud division, following Amazon Web Services and Microsoft Azure, increased 45% to $ 499 billion.
Operating losses in this sector have almost halved from $ 1.2 billion to $ 644 million.
Alphabet and Google CEO Sundar Pichai said in a phone call with investors that search is central to our work, highlighting the company’s achievements in artificial intelligence learning via Pixel 6 smartphones and Android software. bottom.
The results for this quarter show how our investment allows us to build products that are more useful to people and our partners, he said.
Pichai also said that Google, a partner at the Cop26 Climate Summit next month, will have Google’s campus and cloud services running on carbon-free energy by 2030, and Google Maps will find more fuel-efficient routes for drivers. Destinations and wildfire systems that have stated that they will provide eco-options for. This allows consumers to make informed and quick decisions in an emergency.
Consumers will also be provided with data on carbon dioxide emissions associated with their use of the cloud.
Chief Business Officer Philip Schindler clarifies that uncertainty is a new common sense in the outlook for the global economy, as uneven access to the Covid vaccine affects economic recovery in different countries and regions. I did.
He added that the world is in flux. When it comes to forecasting change, forecasting demand and investing in innovation businesses requires as much support as it did a year and a half ago.
According to Schindler, shopping has quadrupled search activity in some areas. Often, these searches preceded a direct visit to the store. The physical store is not dead.Omni-channel instead [shopping] He said he had full power. According to the company, retail advertising revenue increased by 40%.
Analysts have expressed concern that the privacy changes implemented by Apple are impacting spending, but Google’s search business is less affected because it owns the Android operating system. not.
Alphabet has chosen to emphasize its commitment to quality journalism and open access to information in its business. In the quarter since July, Schindler added 120 news providers to the Google News Showcase’s more than 1,000 stable sources of information. Of these, 90% are considered local, regional, or community newspapers.
Google plans to return employees to their offices in January and announced in September that it would buy another office building in New York City for $ 2.1 billion. The company is also planning another Silicon Valley camp.
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