Google Parent Company Exceeds Expectations With $19 Billion Profit

Alphabet, the parent company of Google, among others, saw its profits rise sharply in the third quarter of this year. This additional profit comes mainly from cloud services and advertising revenue.

 

Google parent company Alphabet closed the third quarter of this year with a profit of $ 18.9 billion, a lot more than a year earlier when the gain was still $11.2 billion. Alphabet mainly earned more money with its cloud services (income of about five billion dollars), while advertising revenues were also significantly higher.

Google is, therefore, the centre of online activities for the group, with services such as its search engine, an advertising marketplace, and YouTube. Alphabet’s revenue in the third quarter of this year reached $65.1 billion. As a result, revenues grew by 41 percent year on year.

In total, Google and parent company Alphabet is making good progress, although there are also more minor points. For example, the losses of the ‘Other Bets’ section, which includes Waymo’s self-driving cars, grew to 1.3 billion dollars, from 1.1 billion a year earlier. The company is also still struggling in the smartphone (hardware) market.

In October, Google launched new Pixel 6 smartphones, making another attempt to become more dominant in that market. Google is also reportedly facing a new antitrust lawsuit in the US over the company’s dominance in the online advertising market.