Google post dramatic…
Google post dramatic advertising growth amid COVID-19 bounce-back
Olumide Adesina
Google post dramatic advertising growth amid COVID-19 bounce-back.
Alphabet, the parent company of Google, reported its own second-quarter performance today after the bell on Tuesday amidst a slew of major technology company earnings reports.
Google had revenues of $61.9 billion, net income of $18.5 billion, and earnings per share of $27.26 in the quarter ending June 30, 2021.
This is a 69% increase from the year-ago quarter, which was hurt by the Covid pandemic.
Although Alphabet lost money on all of its products and services (Cloud, YouTube, etc.) except for Google's core offerings.
Compared to last year's $1.43 billion loss, the cloud business lost $591 million. "Other services for enterprise customers" include Google Docs and Sheets, infrastructure and analytics, and collaboration tools.
On the company's earnings call Tuesday, Google's chief business officer Philipp Schindler said retail accounted for the majority of the company's ad growth.
In the third quarter of 2018, YouTube revenue came in at over $7 billion, an increase of 83% from last year, closing in on Netflix's $7.34 billion gross revenue.
Connected TV is "the fastest-growing consumer surface that we have," according to Schindler, noting that YouTube is viewed every month by over 120 million people on their TVs.
The company's new TikTok competitor, YouTube Shorts, has surpassed 15 billion daily views, according to Sundar Pichai. The number of daily views is up from 6.5 billion in March.
The Google Cloud revenue grew from $3.01 billion to $4.63 billion a year ago.
Tags: alphabet breaking news covid-19 google profits sundar pichai youtube
Olumide Adesina a France-born Nigerian, a Certified Investment Trader, with more than a decade of working expertise in Investment and Trading. He is also a reputable author and writer for CoinDesk and FxEmpire.
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