Alphabet Inc. Reports Record-Breaking Quarterly Profits
Google parent company Alphabet Inc. last reported record results in the third quarter of 2021. Thanks to an increase in Google ads, subsidiary Google’s total revenue skyrocketed in the third quarter of 2021.
The company’s profits are much higher than expected and a much understatement when compared to estimates, according to the giant corporation.
The company’s profits skyrocketed as Google ad revenue exceeded expectations. Due to the global pandemic, people have gotten used to spending more time online and browsing online stores.
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In the past, trust issues were the main disadvantage of online shopping, but little by little, people overcame that fear and have now gotten used to online shopping. The reason for the wave of ads is also the drop-in visits to retail stores, or in other words, brands are now spending less money on billboards as they pay Google to promote their respective brands.
The increase in featured ads on the Google website has worked wonders for Alphabet Inc. and its subsidiary Google. Google Ads revenue rose 41% to $53.1 billion in the penultimate quarter, while the company’s total quarterly revenue rose to $65.1 billion, a whopping estimate of $63.3 billion surpassed.
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