Alphabet grows with advertising on web search and YouTube
Advertising on Google's search engine and video platform YouTube remains a lucrative business for Alphabet, the parent company, even in the Corona pandemic.
Alphabet's revenue rose by 23.5 percent to 56.9 billion dollars in the past quarter. In terms of profit, there was a jump of almost 43 percent to a good 15.2 billion dollars, as the Internet giant announced after the US stock exchange closed on Tuesday.
Youtube is increasingly becoming an important business in this regard. Advertising revenues on the platform rose by 46 percent year-on-year to around $6.9 billion. However, ads in the Internet search environment are still the central source of money for Google and Alphabet: Revenue from the division grew by around 17 percent to $31.9 billion. Alphabet shares rose by more than five percent at times in after-hours trading.
The other businesses under the Alphabet umbrella, such as robot car company Waymo and delivery drone developer Wing, piled up a loss of about $1.14 billion on revenue of $196 million last quarter. The revenue was generated primarily by network access business Google Fiber and healthcare company Verily, Porat said.
The CFO had repeatedly promised investors more cost discipline in future projects. Just a few days ago, Alphabet shut down Google's sister company Loon, which wanted to build up a business with Internet access via balloons with antennas. (SDA)
