“This was another stellar quarter from Google with beats across the board,” said Ido Caspi a research analyst with Global X.
Alphabet’s results underscore robust demand for digital ads, driven by events like the Paris Olympics and elections in several countries including the US, while a recovery in enterprise spending is boosting its software business.Advertising sales, Alphabet’s chief revenue source, rose 11% to $64.6 billion. The company sells ads in its search product using customer data to better target them.
Investor reaction was mixed, with the shares initially rising about 2% before dipping by a similar percentage. They had gained more than 30% this year, outperforming a 20% rise in tech-heavy Nasdaq Composite Index. Total revenue grew 14% to $84.74 billion, compared with analysts’ consensus estimate of $84.19 billion according to LSEG data. Ad sales in its YouTube division rose 13% to $8.67 billion.
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