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Google-parent Alphabet profit soars to over $18 billion

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Glenn Chapman, Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="The brand logo of Alphabet Inc" s="" Google="" is="" seen="" outside="" its="" office="" in="" August="" Picture="" taken="" with="" a="" fisheye="" lens.="" Thomas="" Reuters="" File="" Photo="" src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/10/27/google.jpg"/><figcaption>The brand logo of Alphabet Inc&#x27;s Google is seen outside its office in Beijing, China, August 8, 2018. Picture taken with a fisheye lens.<em> Thomas Peter, Reuters/File Photo/File Photo</em></figcaption></figure></div><p>SAN FRANCISCO, United States - Google&#x27;s parent company Alphabet announced profits Tuesday that jumped to $18.9 billion, even as the online colossus faces increased regulatory pressure and shifting of the lockdown lifestyles that have so benefited Big Tech.</p><p>Google remains a centerpiece of online activity, with offerings such as its search engine, ad marketplace, and YouTube video platform that give it extensive global influence.</p><p>Alphabet revenue of $65.1 billion in the recently-ended quarter eclipsed the same period last year by some 41 percent, according to the tech titan, as its online ad engine and cloud services thrived.</p><p>Fellow giant Facebook, despite its whistleblower scandal, has also announced whopping profits, as did Microsoft, although Twitter reported a large loss due to a shareholder lawsuit settlement.</p><p>&quot;This quarter&#x27;s results show how our (artificial intelligence) investments are enabling us to build more helpful products for people and our partners,&quot; said Sundar Pichai, CEO of Alphabet and Google.</p><p>&quot;As the digital transformation and shift to hybrid work continue, our Cloud services are helping organizations collaborate,&quot; he added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/26/21/facebooks-quarterly-profit-climbs-to-over-9-b">Embattled Facebook&#x27;s quarterly profit climbs to over $9 billion</a></li>	<li><a href="https://news.abs-cbn.com/business/10/21/21/ph-digitalization-to-generate-up-to-p5t-yearly-by-2030-google">PH digital transformation seen to generate up to P5 trillion annually by 2030: Google</a></li></ul><p>From July to September, its video service sold $7.2 billion of advertising space targeted according to content and users, against $5 billion in the same period last year, according to Alphabet. </p><p>Its remote-computing business saw nearly $5 billion in revenue, up 45 percent over the previous year.</p><div><strong>Twitter posts a loss </strong></div><p>But Google&#x27;s driving force remains advertising, with the company on pace to have 28.6 percent of the global digital advertising market in 2021, according to eMarketer, just ahead of Facebook&#x27;s 23.7 percent share.</p><p>The surge in Alphabet&#x27;s earnings comes as the tech giant faces increased scrutiny from regulators regarding its power.</p><p>Google is among internet giants in the crosshairs of regulators and critics concerned about whether they unfairly dominate markets and fend off competition.</p><p>South Korea&#x27;s antitrust watchdog fined Google nearly $180 million in September for abusing its dominance in the mobile operating systems and app markets, it said, the latest in a series of regulatory moves against tech giants around the world.</p><p>Google also reportedly faces the threat of a new antitrust lawsuit from US officials over the Silicon Valley conglomerate&#x27;s power in the online advertising market.</p><p>The latest figures build on the pandemic trend that has seen an acceleration in people using the internet for shopping, work, learning and entertainment.</p><p>E-commerce advertisers have been particularly lucrative for Google as have been advertisements on its YouTube video platform.</p><p>Google&#x27;s results came the same day that Microsoft announced a quarterly earnings surge fueled by cloud computing demand, saying it made a profit of $20.5 billion in the recently ended quarter. Revenue jumped 22 percent from the last quarter last year to $43.5 billion.</p><p>And a day earlier, Facebook announced that its profit in the third quarter grew to $9.2 billion -- a 17 percent increase -- and its ranks of users increased to 2.91 billion.</p><p>The strong financial figures came as the leading social network battles a fresh crisis since former employee Frances Haugen leaked reams of internal studies showing executives knew of their sites&#x27; potential for harm.</p><p>Twitter however on Tuesday posted a $537 million net loss in the quarter after settling a lawsuit alleging investors were misled about slowing user growth.</p><p>Despite revenue rising sharply with the help of robust ad sales, Twitter still posted an operating loss of $743 million, fueled by the more than $800 million settlement.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/27/20/e-commerce-seen-driving-ph-internet-economy-to-28-billion-by-2025-google">E-commerce seen driving PH internet economy to $28 billion by 2025: Google</a></li></ul><div><strong>RELATED VIDEO: </strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1642550" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Google's parent company Alphabet announced profits Tuesday that jumped to $18.9 billion, even as the online colossus faces increased regulatory pressure and shifting of the lockdown lifestyles that have so benefited Big Tech.

Google-parent Alphabet profit soars to over $18 billion

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Google-parent Alphabet profit soars to over $18 billion

Glenn Chapman,

Agence France-Presse

Published Oct 27, 2021 08:58 AM PHT

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