Alphabet Inc. (NASDAQ: GOOGL, GOOG) reported 41% growth in third-quarter revenues, aided by the continued strength of its search advertising business. The results also topped the Street view.
The company, which owns internet search platform Google, reported a 41% growth in revenues to $65.12 billion for the third quarter of 2021. Revenue from Google, the largest segment, increased by 40%, with most of it coming from advertising. The top-line also exceeded Wall Street’s projection.
Net income rose sharply to $18.9 billion or $27.99 per share during the three-month period from $11.2 billion or $16.4 per share in the third quarter of 2020, and topped the market’s expectations.
Shares of Alphabet have gained around 20% in the past six months. The stock closed Tuesday’s regular trading higher but dropped in the after-hours, following the earnings announcement.
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