Revenue from advertising increases nearly 13%
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Alphabet, Google’s parent company, reported a sharp rise in quarterly profits, driven by strong advertising revenue and a booming cloud computing business. This impressive performance led to a significant increase in Alphabet’s share price.
CEO Sundar Pichai (pictured) highlighted double-digit growth across all major business segments and marked a milestone as quarterly revenue surpassed $100 billion (€86.5 billion) for the first time. The positive news prompted a 6% rise in Alphabet’s share price during afternoon trading on Wall Street.
Total revenue rose by 16% to $102.3 billion. Advertising accounted for $74.18 billion (€64.13 billion) of this, representing growth of nearly 13%. Google Cloud experienced even stronger growth, with revenue more than doubling to $15.16 billion (€13.11 billion).
The company’s net profit rose by 35%, resulting in earnings per share of $2.87 dollars (€2.48). Thanks to these strong results, Alphabet increased its investment target for 2025 to a range of $91 billion to $93 billion (€78.7 to €80.4 billion euros), compared to a previous estimate of around $81 billion (€70 billion).
Business AM