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Ladybbird · 28-04-21, 07:25

Google Owner Sees Record Profits as Lockdown Boom Continues

Google owner Alphabet saw its earnings soar in the first quarter as people stuck at home in the pandemic used more of its services.

BBC News, .28 APR 2021.

Net profit jumped by 162% to a record $17.9bn in the three months to March as advertising revenue swelled by a third.

It comes as the tech giant faces increased scrutiny over its power and the pandemic has people turning to the internet more than ever.

The firm credited "elevated consumer activity online" for its results.

"Over the last year, people have turned to Google Search and many online services to stay informed, connected and entertained," said Alphabet and Google chief executive Sundar Pichai.

Analysts had expected a good performance as economies around the world have continued to reopen, prompting more spending on online advertising.

Reflecting this revenue at Google's search business jumped by 30% to $31.9bn in the quarter , while sales at YouTube leapt 49% to $6bn.

Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said Alphabet had "lapped up the rewards from the pandemic like a big cat pouncing on cream".

"While famous for its start-up culture and offices, this tech giant is, rather unspectacularly, an advertising business," she said.

"Covid means phenomenal sums of money have shifted to online shopping, so Alphabet's impenetrable family of digital advertising businesses have seen revenue skyrocket."

The only problem facing the tech giant is continued regulatory action over issues such as competition and privacy.

The latest dispute emerged on Monday when streaming TV technology company Roku accused Google of engaging in anticompetitive behaviour to benefit its YouTube and hardware businesses.

Meanwhile, US and European regulators continue to discuss tightening oversight of Google and other tech giants, but have yet to agree legislatiion

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28-04-21, 07:25	#1
Ladybbird Join Date: Feb 2011 Posts: 47,553 Thanks: 27,622 Thanked 14,458 Times in 10,262 Posts Awards Showcase Total Awards: 8	Google Owner Sees Profits SOAR as Lockdown Continues Google Owner Sees Record Profits as Lockdown Boom Continues Google owner Alphabet saw its earnings soar in the first quarter as people stuck at home in the pandemic used more of its services. BBC News, .28 APR 2021. Net profit jumped by 162% to a record $17.9bn in the three months to March as advertising revenue swelled by a third. It comes as the tech giant faces increased scrutiny over its power and the pandemic has people turning to the internet more than ever. The firm credited "elevated consumer activity online" for its results. "Over the last year, people have turned to Google Search and many online services to stay informed, connected and entertained," said Alphabet and Google chief executive Sundar Pichai. Analysts had expected a good performance as economies around the world have continued to reopen, prompting more spending on online advertising. Reflecting this revenue at Google's search business jumped by 30% to $31.9bn in the quarter , while sales at YouTube leapt 49% to $6bn. Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said Alphabet had "lapped up the rewards from the pandemic like a big cat pouncing on cream". "While famous for its start-up culture and offices, this tech giant is, rather unspectacularly, an advertising business," she said. "Covid means phenomenal sums of money have shifted to online shopping, so Alphabet's impenetrable family of digital advertising businesses have seen revenue skyrocket." The only problem facing the tech giant is continued regulatory action over issues such as competition and privacy. The latest dispute emerged on Monday when streaming TV technology company Roku accused Google of engaging in anticompetitive behaviour to benefit its YouTube and hardware businesses. Meanwhile, US and European regulators continue to discuss tightening oversight of Google and other tech giants, but have yet to agree legislatiion RELATED *'Shocked' man buys Google web address for £2* __________________ PUTIN TRUMP & Netanyahu Will Meet in HELL ..................*SHARKS are Closing in on TRUMP*.......................... *TRUMP WARNS; 'There'll Be a Bloodbath* If I Don't Get Elected'..MAGA - MyAssGotArrested...IT's COMING** PLEASE HELP THIS SITE..Click DONATE & Thanks to ALL Members of ... 1.. THIS SITE IS MORE THAN JUST WAREZ...& TO STOP SPAM-IF YOU WANT TO POST, YOUR FIRST POST MUST BE IN WELCOMES

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