Alphabet makes more money from digital ads than any other company
Google and YouTube owner Alphabet (NASDAQ: GOOGL) has more than doubled its profits as companies spent money on online ads to work online and play online during the pandemic .
The company said it could surpass analysts’ expectations by “improving online consumer activity.”
– Advertising –
Alphabet’s revenues rose 34% in the first quarter to $553.1 billion, a new record, with net profit rising to $17.933 billion. That stock could open at a new high today, and the Times rose 3.7% to $2,375 during after-hours trading.
The company’s rating is $1.5trn, as it makes more money from digital ads than other companies selling space on YouTube, Google and other websites.
The company’s Google Search Business sales rose 30% to $31.888 billion, while YouTube ad revenue rose 49% to $60.1 billion. The rapidly growing cloud computing sector saw sales increase by 46% to $4.05 billion.
Alphabet’s board confirmed it gave Go-Amead with its $500 billion share buyback program. The news comes as the company faces increased regulatory pressure on market advantage.
