Alphabet, an American multinational technology conglomerate holding company and the parent company of Google has announced that its profits jumped to $18.9 billion.
Google remains at the heart of online activity, with products like its search engine, ad marketplace, and YouTube video platform giving it global influence.
The company reported a 68.4 percent jump in third-quarter net profit on an annual basis, almost $7.7 billion more than the same period last year. It was nearly 2.2 percent up on a quarterly basis.
In the third quarter, Google’s advertising income from Search, YouTube, and other businesses climbed by 43.2 percent yearly to $53.1 billion. Google Services accounted for roughly 92 percent of the company’s overall revenue. It added $59.9 billion to the net profit, almost 41 percent more than the third quarter of 2020.
Sundar Pichai CEO – Alphabet
“This quarter’s results show how our artificial intelligence investments are enabling us to build more helpful products for people and our partners. As the digital transformation and shift to hybrid work continue, our Cloud services are helping organizations collaborate.”
According to Alphabet, its video service sold $7.2 billion in advertising space targeted by content and users from July to September, compared to $5 billion in the same period last year. Its remote-computing business saw nearly $5 billion in revenue, up 45 percent over the previous year.
The total revenue from the cloud business grew an annual 44.8 percent to more than $4.9 billion, while revenue from other bets, or subsidiaries, increased more than 2 percent annually to $182 million.
The rise in Alphabet’s earnings comes as the tech giant’s increased scrutiny from regulators regarding its power. Google is among internet giants in the crosshairs of regulators and critics concerned about whether they unfairly dominate markets and fend off competition.
Last week, the company launched two smartphones, the Pixel 6 and Pixel 6 Pro, to compete with Samsung and Apple for market share.
