Reuters.- Google’s parent company, Alphabet Inc reported record quarterly earnings and earnings on Tuesday, driven by increased advertising spending when more consumers are shopping online.
Shares of the company, which beat analyst estimates for both revenue and earnings, were up 5% in after-market trading.
The digital advertising market is booming, with consumers turning primarily to online shopping due to the pandemic., leading companies to rely on data collected from customer orders and online activity to launch new products and better understand their market.
Alphabet said that Google’s ad revenue increased nearly 70% to $ 50.44 billion.
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Ad revenue for the company’s video streaming platform YouTube soared 83.7% from the prior year quarter to $ 7 billion as backers continued to use the site to reach viewers who remained on. home during the coronavirus pandemic.
Total revenue for the largest online video and search ad provider increased 61.6% to $ 61.88 billion, well above Wall Street estimates of $ 56.16 billion, according to IBES data from Refinitiv.
Income for the quarter reached $ 18.5 billion, beating the previous record of $ 17.9 billion in the first quarter.
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