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Alphabet gains record profits with Google’s ad surge

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Alphabet Inc’s Google brand logo will be visible outside its office in Beijing, China, on August 8, 2018. A photo taken with a fisheye lens.Reuters / Thomas Peter

October 26 (Reuters)-Google owner Alphabet Inc (GOOGL.O) reported on Tuesday that advertising sales exceeded expectations in the third quarter. This shows that businesses are overcoming new restrictions on tracking mobile users and online shopping is more popular than ever. For the holiday season.

Google sells more Internet advertising than any other company through search engines, YouTube video services, and web-wide partnerships. The demand for the service has skyrocketed over the past year as pandemics have forced people to spend more time online and their new habits have continued.

Google’s advertising revenue increased 41% to $ 53.1 billion in the third quarter. Alphabet’s overall revenue jumped to $ 65.1 billion, above the average analyst estimate of $ 63.3 billion tracked by Refinitiv.

Google’s Chief Executive Officer, Philip Schindler, said: “The fundamental point is that people want more choice, more information and flexibility. This can’t be reversed.”

Following the announcement of financial results outside business hours, the stock price fell 0.93% to $ 2,760.19.

Quarterly earnings of $ 18.936 billion, or $ 27.99 per share, exceeded expectations of $ 24.08 per share, marking the third quarter of record earnings. Alphabet’s profits can fluctuate significantly as accounting rules require companies to measure unrealized profits from investments in startups as revenue.

Investors were prepared for some of Google’s marketing challenges.

Consumer anxiety is widespread about how Google and other businesses use browsing behavior to profile and choose which ads to display. In the latest challenge, Apple Inc (AAPL.O), where the iPhone accounts for half of US smartphones, has given users more control to stop tracking over the past few months. With this change, advertisers will readjust their spending in a way that Google rivals Snap Inc (SNAP.N) and Facebook Inc (FB.O) have said they had a negative impact on third-quarter sales. became.read more

Regulatory scrutiny

Ruth Porat, Chief Financial Officer of Alphabet, reported the “modest impact” of Apple’s efforts on YouTube advertising sales. But analysts said Google’s search engine is valuable to advertisers and collects data about user interests that are unmatched in the industry, so Google as a whole is less affected than its peers.

“They are almost completely unaffected by Apple’s changes,” said Colin Colburn, an analyst at technical consultancy Forester.

Other companies also faced a slowdown in the employment and supply chain problems caused by the pandemic, as advertisers struggled to increase staff and maintain shelf inventory to reduce spending. Schindler said supply chain challenges only affected the sale of Google’s car ads.

Google Cloud, which lags behind Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O) in cloud service market share, increased revenue by 45% to $ 499 million, estimated 52 Slightly below $ 100 million.

Alphabet’s total third-quarter cost increased 26% to $ 44.1 billion, with more than 150,000 employees.

Alphabet’s share has surpassed that of many large corporations since the end of last year, rising by about 57%. During the same period, Microsoft increased by 39%, Facebook by 20%, and Amazon by 2%.

However, Alphabet shares are trading at slightly discounted prices over Facebook, the second-largest seller of online advertising on the Internet. Facebook will trade with an expected return of 6.8 times over the next 12 months, compared to 6.4 times that of Alphabet.

In recent weeks, Facebook has leaked thousands of confidential company files to the media from a former employee who has complained to U.S. securities regulators that the company has misrepresented the risks of hosting inappropriate content. I am overwhelmed by the accusations.read more

Google was caught in some fallout. Earlier on Tuesday, YouTube policymakers testified to US Congress alongside other companies that social media could harm young users.read more

Investors are also waiting for further changes in Google’s business as a result of regulatory scrutiny. The United States and other authorities claim that some of its practices in advertising and search are anti-competitive, but the company claims they benefit users. Last week, Google announced that it would cut some of the fees it collects from apps in the Play app store starting next year as one of the concessions to critics.

But if companies like music streamer Spotify Technology SA (SPOT.N) start selling subscriptions through the app and offer Google 10% to 15% of the total, this move will be new to Google. It has the potential to generate great profits.

Alphabet’s Porat said on Tuesday that previous adjustments to Play rates would impact sales.

Reported by Nivedita Balu in Bangalore and Paresh Dave in Oakland, California. Edited by Arun Koyyur and Matthew Lewis

Our Criteria: Thomson Reuters Trust Principles.

Sources

1/ https://Google.com/

2/ https://www.reuters.com/technology/google-parent-alphabet-beats-revenue-expectations-2021-10-26/

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