AGL40▲ 0 (0.00%)AIRLINK129.06▼ -0.47 (0.00%)BOP6.75▲ 0.07 (0.01%)CNERGY4.49▼ -0.14 (-0.03%)DCL8.55▼ -0.39 (-0.04%)DFML40.82▼ -0.87 (-0.02%)DGKC80.96▼ -2.81 (-0.03%)FCCL32.77▲ 0 (0.00%)FFBL74.43▼ -1.04 (-0.01%)FFL11.74▲ 0.27 (0.02%)HUBC109.58▼ -0.97 (-0.01%)HUMNL13.75▼ -0.81 (-0.06%)KEL5.31▼ -0.08 (-0.01%)KOSM7.72▼ -0.68 (-0.08%)MLCF38.6▼ -1.19 (-0.03%)NBP63.51▲ 3.22 (0.05%)OGDC194.69▼ -4.97 (-0.02%)PAEL25.71▼ -0.94 (-0.04%)PIBTL7.39▼ -0.27 (-0.04%)PPL155.45▼ -2.47 (-0.02%)PRL25.79▼ -0.94 (-0.04%)PTC17.5▼ -0.96 (-0.05%)SEARL78.65▼ -3.79 (-0.05%)TELE7.86▼ -0.45 (-0.05%)TOMCL33.73▼ -0.78 (-0.02%)TPLP8.4▼ -0.66 (-0.07%)TREET16.27▼ -1.2 (-0.07%)TRG58.22▼ -3.1 (-0.05%)UNITY27.49▲ 0.06 (0.00%)WTL1.39▲ 0.01 (0.01%)

Alphabet’s profit hits $18.5bn in second quarter

Share
Tweet
WhatsApp
Share on Linkedin
[tta_listen_btn]
Cupertino

Alphabet’s second-quarter net profit soared more than 166 per cent year-on-year on the back of strong revenue growth in its advertising business.

Net profit at Google’s parent company surged to $18.5 billion in the three months ending June 30, about $11.6bn more than the same period a year earlier.

Revenue during the quarter increased 61.5 per cent on an annual basis to $61.9bn, beating the $55.2bn average analysts’ estimate.

In the second quarter, “There was a rising tide of online activity in many parts of the world and we are proud that our services helped so many consum-ers and businesses” Sundar Pichai, chief executive of Google and Alphabet, said.

“Our long-term investments in AI [artificial intelli-gence] and Google Cloud are helping us drive sig-nificant improvements in everyone’s digital experi-ence,” added Mr Pichai.

The California-based company’s advertising reve-nue from Search, YouTube and other activities soared 68.8 per cent to $50.4bn in the second quar-ter, almost $20.5bn more than the same period last year.This was the fastest annualised growth rate in adver-tising revenue in more than four years.

The company’s stock was down about 1.6 percent at $2,638 a share after the earnings announcement.

Retail was one of the biggest contributors to the company’s advertising growth, Google’s chief busi-ness officer, Philipp Schindler, said on an earnings call.

The total revenue from the cloud business grew an annual 53.9 per cent to more than $4.6bn, while revenue from other bets, or subsidiaries, increased almost 29.7 per cent yearly to $192 million.

Other bets are derived mainly through the sale of internet offerings as well as licensing and research and development services. This includes Alphabet’s X lab, self-driving unit Waymo and other non-Google companies. —TLTP

Related Posts

Get Alerts