Google’s owner Alphabet announced higher-than-expected third-quarter advertising sales on Tuesday, indicating that the company is overcoming new restrictions on tracking mobile users and that online shopping is as popular as it always has before entering the holiday season.
Through its search engine, YouTube video service, and partnerships on the Internet, Google sells more Internet advertising than any other company. In the past year, as the pandemic forced people to spend more time online and their new habits persisted, demand for their services surged. Google’s advertising revenue in the third quarter increased by 41% to US$53.1 billion (approximately Rs 3,980,100 million).
Alphabet’s total sales jumped to 65.1 billion U.S. dollars (approximately 4,877.3 billion rupees), which is higher than the average estimate of 63.3 billion U.S. dollars (approximately 4,742.5 billion rupees) by analysts tracked by Refinitiv. Philipp Schindler, Google’s chief business officer, said: “The transition from consumers to digital is real, and even if we start to see people returning to stores, this transition will continue.”
“The underlying conclusion is that people want more. More choices, they want more information, more flexibility, and we don’t think this situation will be reversed.” After the financial results were released after the market, the stock price fell 0.93% to US$2,760.19 (approximately Rs 200,000).
News Source : Gadgets 360
