Advertising and Cloud Business Help Alphabet’s Revenue Surpass Forecast
Google parent Alphabet Inc reported revenue and profit that topped analysts’ estimates after the closing bell on Thursday. The web giant’ revenue, excluding payments to partner sites, rose to $18.3 billion in the third quarter, beating forecast for a $18 billion of sales. Profit before certain items climbed to $9.06 a share, which is also higher than average estimates of $8.61 per-share profit.
Despite heavy spending on unprofitable new products and projects, such as self-driving cars and smartphones, the company still registered a strong increase in revenue. This was thanks to robust sales of advertising on mobile devices and YouTube, and the cloud business where the company is competing with other market-leader including Amazon.com Inc and Microsoft Corp and IBM Corp
The search giant said it would repurchase about US$7 billion of its Class C stock.
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