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Google's parent company Alphabet has reported its quarterly earnings report for the quarter ended September 30, 2021. Alphabet saw a revenue of $65.1 billion as its sales rose by 41% compared to last year.
The profit between July and September 2021 was almost $19 billion or $24.08 per share, which is a third-straight quarter of record profit. Alphabet in the same quarter previous year had a profit of $11.24 billion.
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“Our consistent investments to support long-term growth are reflected in strong financial performance, with revenues of $65.1 billion in the quarter. We continued to deliver across our business by providing helpful and valuable experiences for both consumers and our partners.” - Ruth Porat, CFO of Alphabet and Google
| Q3 2020 (in $ million) | Q3 2021 (in $ million) | |
| Revenue | 46,173 | 65,118 |
| Income | 11,247 | 18,936 |
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“Five years ago, I laid out our vision to become an AI-first company. This quarter’s results show how our investments there are enabling us to build more helpful products for people and our partners. Ongoing improvements to Search, and the new Pixel 6, are great examples. And as the digital transformation and shift to hybrid work continue, our Cloud services are helping organizations collaborate and stay secure.” - Sundar Pichai, CEO of Alphabet and Google
Alphabet's quarterly earnings were boosted by the Google advertising division that includes Google Search, YouTube Ads, and Google Network. Google Advertising revenue was $53.1 billion during the quarter, which rose by 41% over the year.
The 3rd quarter performance of Alphabet has beaten the expectations of analysts ($63.3 billion or $24.08 per share). Analysts in Reuters believe that the demand for Google services surged past year as the pandemic forced people to spend more time online. They believe that even if the pandemic has loosened up, consumers' new habit remains.
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