Alphabet profits up

Google parent Alphabet’s quarterly revenue and profit surged to record highs, the company reported on Tuesday, powered by a rise in advertising spending as more consumers shopped online.

Shares of Alphabet rose 5 percent in extended trading as it reported results that were a beat in both financial metrics. Shares of Facebook, Google’s rival in Web ad sales, which reports its own results on Wednesday, rose 1.3 percent.

The digital-ad market is booming, with consumers shifting to shopping largely online because of the pandemic, leading companies to rely on data gathered from customers’ orders and online activity to launch new products.

Alphabet said revenue from Google advertising rose nearly 70 percent to $50.44 billion.