Google’s parent body Alphabet has raked in a total of $55.3 billion in revenue over the past three months.
The profit represents an increase of 34 per cent to what it made same time last year. The company’s net income jumped dramatically as well, from $6.8 billion in Q1 2020 to $17.9 billion in this year’s quarter.
Google CEO Sundar Pichai, in a statement, noted that “over the last year, people have turned to Google Search and many online services to stay informed, connected, and entertained. “We’ve continued our focus on delivering trusted services to help people around the world.”
Alphabet’s latest release is a sign that the industry is slowly returning to business after the upset by the coronavirus pandemic.
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It may have posted the envious profit considering lots of people marketing dollars, who actually keep it in the green.
YouTube might be the best example of an Alphabet service that flourished during the pandemic; ads run on the platform accounted for $6 billion of Alphabet’s total revenue pie. Alphabet also reported a new high for Google’s Cloud business, which generated revenues of just over $4 billion.
Meanwhile, Alphabet’s “Other Bets” category, which includes businesses like autonomous driving company Waymo and Verily, gained very slightly year-over-year. Those subsidiaries collectively pulled in about $60 million more than last year, but accompanying losses held more-or-less steady at about $1.1 billion.
Steady gains in Google’s service revenue which comes from the Play Store, Google One and more, along with heightened success in its broader ads business, means Alphabet is looking at a standout quarter.