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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

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    OPay obtains approval of Egypt’s CBE to issue prepaid cards

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    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

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    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

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    Digital voice-based banking to become the new reality in 2022?

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    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

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    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

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    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

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    In new move in 2022, IMF raises weighting of dollar, yuan in Special Drawing Rights basket

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    Vodafone shares up after USD 4.4 billion UAE stake buy

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    Ather Energy raises USD128 million in series-E funding

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    UK’s Morrisons to buy McColl’s ahead of Asda owners

    UK’s Morrisons wins race to buy McColl’s ahead of Asda owners

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

  • Markets
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    • Brokerage
    • Energy
    • Forex
    • Ultility
    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Brazil mills cancel new sugar export contracts, shift output to ethanol

    Brazil mills cancel new sugar export contracts, shift output to ethanol

    World’s No.2 producer of wheat, India, bans wheat exports in new move

    World’s No.2 producer of wheat, India, bans wheat exports in new move

    Australian stocks fall lower amidst worldwide sell-off; ASX 200 witnesses AUD 50 billion incineration

    Australian stocks fall lower amidst worldwide sell-off; ASX 200 witnesses AUD 50 billion incineration

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    Germany changes stance: Could back new and immediate EU ban on Russian oil

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    Egypt’s Communication Ministry launches new Ashbal Misr Digital Initiative for 2022

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Alphabet’s Q3 revenue is a whopping USD 65.12 billion owing to online advertisements

Alphabet has witnessed a significant surge of 57% in its share prices this year, making it one of the best performers of the FAANG firms

Sakshi K S by Sakshi K S
October 28, 2021
in Technology, The Global Economics, Top Stories
Reading Time: 3 mins read
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Alphabet’s Q3 revenue is a whopping USD 65.12 billion owing to online advertisements

Alphabet’s Q3 revenue is a whopping USD 65.12 billion owing to online advertisements

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Google’s parent company, Alphabet Inc. constantly illustrated the big tech firm’s profitable innings throughout the earnings season, reporting Q3 results that went beyond Wall Street’s estimations and a close doubling in profits as advertisers sought customer shift to online portals.

Alphabet Inc. reports whopping Q3 profit results

Alphabet’s income surged 41% to USD 65.12 billion in the last 3 months, its most extravagant figure in 14 years. It revealed a profit of more than USD 21 billion, almost 3 times the figure it revealed before the COVID19 pandemic.

Alphabet has witnessed a significant surge of 57% in its share prices this year, making it one of the best performers of the FAANG firms (Facebook, Amazon, Apple, Netflix, and Google). The advertising revenue jumped to a whopping USD 53.13 billion – up from last year’s USD 37.1 billion.

Revenue from the firm’s cloud division, which entails Microsoft Azure and Amazon Web Service, jumped 45% to USD 4.99 billion.

The sector’s operating losses almost halved, from USD 1.2 billion to USD 644 million.

Chief Executive of Alphabet and Google, Sundar Pichai, stated and emphasized the firm’s accomplishments in AI learning via its Android software and Pixel 6 phones.

Pichai stated that the Q3 results portrayed that the firm’s investments were allowing it to create more helpful and valuable products for its partners and consumers.

Pichai also stated that Google (partner in the COP26 climate summit) campuses and cloud services would function on carbon-free energy in the next decade. He also indicated that Google’s map feature would offer drivers an eco-friendly option to seek more fuel-efficient pathways to destinations and a wildfire warning system so that customers would be able to make hasty and informed decisions in times of emergencies.

Consumers will also be provided with data on their carbon footprint as per their utilization of Alphabet’s Google Cloud.

Philipp Schindler, Chief Business Officer stated that the global economic outlook thrives on uncertainty, as irregular accessibility to Covid vaccines affect different regions and countries witnessed different rates of economic recuperation.

There is an apparent instability in the world, Schindler added. When it came to prophesizing change, predicting demand, and investing in potential innovation businesses require as much backup now as they did before the COVID19 pandemic, he added.

Schindler added that some areas were witnessing a vast expansion in the search activity relating to shopping. Often those searches arrived before physical visits to clothing stores. The retail advertisement revenue of Alphabet Inc. surged 40% in Q3 of this year.

Analysts have elucidated their concerns regarding privacy changes facilitated by Apple, that are affecting expenditure, but Google’s search engine trade is less affected owing to its possession of the Android operating system.

Amongst all its trades, Alphabet picked to highlight its indefatigable commitment towards top-notch journalism and open-accessibility to information. In the quarter (since July), Alphabet had included 120 news providers in Google’s 1,000-strong kennel of information sources on its News Showcase.  Out of those, 90% are well-thought-out to be regional, local, or community newspapers.

With plans in the pipeline to receive employees back to physical offices in January, Google stated in September that it was purchasing another New York City office enclosure for USD 2.1 billion. The firm is also brainstorming another Silicon Valley camp.

About Alphabet Inc.

Alphabet Inc. is the parent firm for a plethora of companies. The largest of these subsidiaries is Google.

Alphabet Inc. replaced Google Inc. as a publicly-traded organization and all shares of Google automatically transformed into the same number of shares of Alphabet, entailing similar rights. Google became a fully-possessed subsidiary of Alphabet after this endeavor. Alphabet Inc.’s two classes of shares have ever since continued to trade on NASDAQ as GOOG and GOOGL.

Via: Short URL
Tags: advertisement revenueAlphabet IncFAANG companiesGoogle
Sakshi K S

Sakshi K S

Sakshi is a professional content writer engaging readers with gripping business news stories.

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Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

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