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Google Reaches Record-Breaking Quarter: Strong Alphabet Growth of $76.69 Billion
Google Quarterly Earnings
The strong results were driven by the company’s core advertising business, which saw revenues grow 14% year-over-year to $55.24 billion. Google’s cloud business also saw strong growth, with revenues up 34% to $4.83 billion.
Strong results
The strong results were driven by strong growth in its core advertising business and the continued success of its cloud and YouTube businesses. Alphabet’s stock was up more than 5% in after-hours trading following the release of the results.
Growth in Advertising
The strong performance was driven by growth in its core advertising business, as well as its cloud and hardware businesses. Alphabet’s shares rose more than 5% in after-hours trading following the release of the results.
Beat Expectations
The results beat Wall Street expectations, with analysts expecting Alphabet to report sales of $75.8 billion and profits of $11.3 billion. Alphabet shares were up more than 3% in after-hours trading.
Stock Strong
Alphabet’s stock was up more than 2% in after-hours trading following the report.
The tech giant’s revenue was driven by its core advertising business, which brought in $54.2 billion in the quarter. Google’s other businesses, such as its cloud and hardware divisions, also saw strong growth in the quarter.
Alphabet’s profits were boosted by a one-time gain of $3.6 billion related to the sale of its stake in Chinese e-commerce giant JD.com. Excluding that gain, Alphabet still posted a profit of $16.1 billion, up from $11.9 billion in the same period last year.
Alphabet CEO Sundar Pichai said in a statement that the company was “very pleased” with its performance in the quarter. He added that Google was “investing aggressively” in its core businesses, as well as in new areas such as artificial intelligence and cloud computing.
The strong results come as Alphabet is facing increased scrutiny from regulators around the world over its dominance in the tech industry. The company is currently under investigation by the US Department of Justice for potential antitrust violations.
Core Business Strong
Alphabet’s stock was up more than 5% in after-hours trading following the earnings report.
The strong results were driven by Google’s advertising business, which brought in $55.3 billion in revenue, up 17% from the same period last year. Google’s other businesses, which include its cloud, hardware, and YouTube operations, brought in $19.6 billion, up 6% from the same period last year.
The company’s net income for the quarter was $19.69 billion, up from $9.95 billion in the same period last year. Google’s earnings per share came in at $26.29, up from $13.06 in the same period last year.
Alphabet Chief Financial Officer Ruth Porat said in a statement that the company’s strong performance was driven by “ongoing investments in product innovation and disciplined management of operating expenses.”
“We continue to focus on delivering value for our users, advertisers, and Google Cloud customers,” she said.
Alphabet’s stock has been on a tear in recent months, rising more than 40% since the start of the year. The company’s shares were up 5.5% in after-hours trading following the earnings report.
Google parent company Alphabet on Tuesday reported quarterly sales of $76.69 billion, up 11% from the same period in the prior year. The company also posted profits of $19.69 billion for the quarter.
Alphabet’s stock price rose more than 4% in after-hours trading following the announcement.
The strong results come as the tech giant continues to benefit from the shift to digital services during the coronavirus pandemic. Google’s advertising business, which makes up the majority of its revenue, saw a 23% increase in the quarter.
Alphabet CEO Sundar Pichai said in a statement that the company has “invested heavily” in its products and services to meet the needs of its users. He also noted the company’s focus on sustainability and its commitment to helping people and businesses through the pandemic.
Alphabet’s other businesses, including YouTube, Google Cloud, and hardware, also saw strong growth in the quarter. The company’s “other bets” segment, which includes its self-driving car unit Waymo, reported a loss of $1.2 billion.
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