Google 3rd quarter earnings: revenue rises 14% to $ 46 billion, share rises

Google 3rd quarter earnings: revenue rises 14% to $ 46 billion, share rises

Alphabet, the parent company of technology, reported revenue of $ 46.17 billion for the three months ended September – up 14% from the same period last year – showing its continued dominance despite many obstacles.

The company reported a net income of $ 11.2 billion for the quarter. letters (GOOGL) The stock rose more than 8% in Thursday’s trading.

“We had a strong quarter similar to the broader online environment,” Sunder Pichai, CEO of Alphabet and Google, said in a statement. “This is a testament to the deep investment we have made in AI and other technologies.”

Thursday’s earnings report marks a strong turnaround from the previous quarter, when online advertising spending plummeted in the early days of the epidemic when Alphabet announced its first revenue decline in history.

However, in the third quarter, Google’s ad revenue rose nearly 10% year-on-year, search ad revenue 6.5% and YouTube ad revenue 32%.

Blockbuster revenue “reflects broad-based growth led by an increase in advertiser spending on search and YouTube and continued strength in Google Cloud and Play,” Alphabet CFO Ruth Borat said in a statement. “We focus on making the right investments to support long-term sustainable value.”

The revenue came a day after several hours of questioning from Pichai legislators – with CEOs Facebook (FB) And Twitter (D.W.T.R.) – Regarding allegations of their content moderate policies and political bias.

Pichai defended the handling of his company’s content and said it would approach its work without political bias, “complete cessation.”

“Otherwise doing so would be against our business interests and our mission, forcing every type of person to have access to information, no matter where they live or what they trust,” he said.

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The biggest lawsuit against a technology company in more than two decades of lawsuits against Microsoft came last week when Google filed a no-confidence lawsuit against the U.S. Department of Justice. The judiciary has accused Google of blocking competition to maintain its powerful position in the market for online search and search ads.

Google has denied the allegations, calling the case “too flawed.”

“People use Google not because they are forced or because they can’t find alternatives,” Kent Walker, Google’s senior vice president for global affairs, wrote in a blog post.

Pichai echoed that sentiment during a revenue call on Thursday.

“We know our success in the search is not guaranteed,” he said. “We’m proud of people choosing Google search because it’s not something they have to do, but it’s helpful.”

Meanwhile, the judiciary has said “nothing” when regulating the company’s search dominance.

Although he tried to reduce that dominance to some extent during the revenue call, Pichai reiterated the essentiality of Google search, especially during epidemics.

“Access to information is never important,” he said in the company’s revenue call. “This year, including this quarter, Google’s corporate product shows how valuable search is to people.”

The People’s Epidemic has also given a boost to Google’s countless other services as people continue to work and socialize from home – views of meditative videos guided by Pichai’s YouTube have risen by 40% since mid – March, and tutorials on how to make masks have more than 1 billion views.

Revenue for Google’s cloud business increased by 45% compared to the same quarter last year.

Google and other big tech companies still have their biggest stress test on the horizon. In the run-up to the November 3 US presidential election, companies spent months establishing new policies on political advertising and preventing misinformation.

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About the Author: Cory Weinberg

"Alcohol evangelist. Devoted twitter guru. Lifelong coffee expert. Music nerd."

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