Alphabet Googles its way to a revenue boost
Google’s parent company Alphabet exceeded expectations and reported a 20.2% boost in quarterly revenue. It also a $7 billion-plus Class C stock buyback, which was recently authorized.
Credit: Google
Alphabet grew its earnings thanks to its strengths in search, mobile advertising and the dominance of YouTube in the video market, according to a story on CNBC. The third quarter earnings were up to $9.06 per share, adjusted, on revenue of $22.45 billion, up from $7.35 per share a year ago.
"Mobile search and video are powering our core advertising business and we're excited about the progress of newer businesses in Google and Other Bets," said Alphabet’s chief financial officer Ruth Porat in a statement.
Alphabet, the world’s second largest company by market value, also saw a rise in Google Play and cloud services. Google’s websites posted a sales increase of 23% and advertising revenue increases of 18%. Paid clicks for Google also rose, at 33%, compared to 29% in the previous quarter.
Another business giant, Amazon, missed its predicted sales forecasts of 85 cents per share, bringing in a reported profit of $252 million, roughly 52 cents per share, but it is expected to make up profits with a busy holiday fourth quarter.