Al­pha­bet reports growth in ad­ver­tise­ment rev­enue

Times of Oman - - E- IMES -

AL­PHA­BET

re­ported stronger-than-ex­pected ad­ver­tis­ing sales and higher op­er­at­ing mar­gins, boost­ing its shares as in­vestors brushed off con­cerns about higher costs for ac­quir­ing mo­bile users. Third-quar­ter rev­enue for Al­pha­bet, the par­ent com­pany of Google, jumped 24 per cent to $27.8 bil­lion, above the av­er­age an­a­lysts’ es­ti­mate of $27.2 bil­lion. Profit of $6.7 bil­lion, or $9.57 per share, was well ahead of Wall Street es­ti­mates. Al­pha­bet has en­joyed tor­rid growth in re­cent years as ad­ver­tis­ing moves from tra­di­tional media to the in­ter­net and con­sumers flock to an ever-ex­pand­ing ar­ray of digital de­vices. While Google faces po­lit­i­cal pres­sure, es­pe­cially in Europe, over its grow­ing dom­i­nance and its role in spread­ing pro­pa­ganda on­line, those prob­lems have yet to hit the bot­tom line. Google Chief Ex­ec­u­tive Sun­dar Pichai told an­a­lysts that ef­forts to at­tract “both large and small advertisers” around the world were pay­ing off, es­pe­cially in Asia, where sales rose 29 per cent to $4.2 bil­lion. The third quar­ter was the 15th in a row in which Al­pha­bet has shown dou­ble-digit, year-over-year con­sol­i­dated sales in­creases.

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