Google quids in on advertising with record quarter - Mobile World Live

Google quids in on advertising with record quarter

27 OCT 2021

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.

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Kavit Majithia

Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >>

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