Google parent Alphabet posted record profit and a near 50 per cent rise in revenue during Q3, as the company continued to capitalise on momentum in online advertising.
Revenue of $65.1 billion was up 41 per cent on Q3 2020, while net income rose from $11.2 billion to $18.9 billion, its third quarter of record profit in a row as the advertising business continued to thrive.
Advertising contributed $53.1 billion to revenue, up from $37 billion.
Chief business officer Phillipp Schlinder noted on an earnings call some regions were experiencing a fourfold increase in shopping search activity, resulting in a 40 per cent increase in retail advertising revenue.
Revenue from Google’s other segment, which includes hardware, Play Store and non-advertising YouTube sales, grew from $5.5 billion to $6.8 billion and Google Cloud from $3.4 billion to $5 billion.
Other bets revenue grew $4 million to $182 million, but its loss increased from $1.1 billion to $1.3 billion.
In its earnings statement, Alphabet and Google CEO Sundar Pichai claimed the Q3 performance reflected investments made as part of his vision to be an AI-first company.Subscribe to our daily newsletter Back