Home Business Alphabet: 3rd quarter earnings and turnover beat expectations. Strong assist from Google, which sees profits almost double

Alphabet: 3rd quarter earnings and turnover beat expectations. Strong assist from Google, which sees profits almost double

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Alphabet, the holding company to which Google belongs, announced that it had reported better than expected profits and revenues in the third quarter of the year. Google has confirmed itself as the golden hen of the giant, with almost doubled profits and a turnover that, on a quarterly basis, reported record growth in 14 years, benefiting from the strong recovery in advertising revenue.

Overall, Alphabet eps came in at $ 27.99, compared to $ 23.48 expected by analysts interviewed by Refinitiv.

Revenue was $ 65.12 billion, better than the expected $ 63.34 billion.

However, YouTube’s ad revenue, which stood at $ 7.20 billion, was less than expected, compared to the $ 7.4 billion expected by the consensus. Google cloud division revenue was also disappointing, at $ 4.99 billion compared to an estimated $ 5.07 billion.

Traffic acquisition costs were also higher, at $ 11.50 billion, versus the expected 11.16 billion.

Going back to Google, ad revenue jumped 43% to $ 53.13 billion, up from $ 37.1 billion in the same period of 2020. Alphabet stock is down in Wall Street afterhours trading: since the beginning of the year, prices are up 58%, more than double the S&P 500 index.

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