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Top estimates of Google’s revenue as online advertising sales remain resilient




Google’s parent, Alphabet Inc., reported on Tuesday its quarterly results that exceeded Wall Street’s estimates.

Search engine giants GOOGL, + 1.35% GOOG, + 0.65% dominate global digital advertising, with third-quarter net income of $ 11.94 billion, $ 27.99 per share, but net income It was $ 11.25 billion and $ 16.40. Share in the same quarter last year.

Revenue after removing traffic acquisition costs ($ 11.5 billion) increased from $ 37.97 billion in the year-ago quarter to $ 53.62 billion. Overall revenue was up 41% to $ 65.1 billion. Analysts surveyed by FactSet estimate revenue excluding TAC to be $ 52.3 billion, while net income per share is $ 23.73.

Importantly, Alphabet’s operating margin improved from 24% in the year-ago quarter to 32% in the quarter.

5 years ago I [artificial intelligence]-First company. Results for the quarter show that investments have enabled us to build products that are more useful to people and partners. Alphabet CEO Sundar Pichai said in a statement releasing the results that continuous improvements in search and the new Pixel 6 are great examples.

Google’s resilient results have reassured us, following recent earnings warnings from Facebook Inc. FB (-3.92%) and Snap Inc. SNAP (+ 1.63%). The two companies have accused Apple of reducing advertising revenue due to a new restrictive mobile privacy policy imposed by Apple this year. Alphabet Chief Financial Officer Ruth Porat said the direct response to a conference call with analysts late Tuesday would not have a significant impact on YouTube’s bottom line.

Google’s total advertising increased 43% to $ 53.1 billion. Searches were $ 37.9 billion, up from $ 26.3 billion a year ago. YouTube advertising sales continued to outperform, jumping from $ 5 billion a year ago to $ 7.2 billion.

Forrester analyst Colin Colburn told MarketWatch that Google’s intent-based purchasing model accounts for 63% of advertising revenue, making Google almost completely unaffected by Apple’s changes. [Google] Undoubtedly, the focus is on the cloud and other bets to help diversify our business, but advertising is still successful and Google is still the top dog with significant control over data deprecation. ..

Google’s cloud revenue increased 47% to about $ 5 billion, but the division became cloud revenue for rivals Inc. AMZN (+ 1.68%) and Microsoft Corp. MSFT (+ 0.64%). It is believed to be lagging behind.

Still, the result was a fuss reaction in overtime trading. Google’s share price fell 1% late Tuesday, but this year’s share price has risen 59% so far. The broader S & P 500 Index SPX, + 0.18%, rose 22% in 2021.




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