#Google parent Alphabet profit soars as ads surge

Google parent Alphabet on Tuesday reported quarterly profit that nearly tripled as money poured in from ads at its search engine and YouTube video platform.

The internet titan reported that profit nearly tripled from last year to $18.5 billion on revenue that rose sharply to $61.9 billion.

“There was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses,” Alphabet chief executive Sundar Pichai said of the quarter.

Alphabet shares that ended the formal trading day down slightly rose more than 4 percent after release of the earnings figures, which beat market expectations.

Pichai credited long-term investments in artificial intelligence and cloud computing as powering the internet giant’s performance.

The strong quarter also reflected “elevated consumer online activity and broad-based strength in advertiser spend,” as the global economy strives to recover from damage done by the pandemic, according to chief financial officer Ruth Porat.

Pichai opened an earnings call by urging people to get vaccinated against Covid-19.

Google is among the tech companies that saw use soar as the pandemic accelerated a trend of people tending to work, shopping, socializing and more online.

© 2021 AFP