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Alphabet shares up after strong Q3 results over high ad growth
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SME Times News Bureau | 30 Oct, 2020
Google parent company Alphabet saw its stock rising as much as 9 per
cent as it posted strong results in its third quarter earnings results
amid good ad growth, logging $46.17 billion in revenue.
The
performance was led by an increase in advertiser spend in Search and
YouTube as well as continued strength in Google Cloud and Play.
"We had a strong quarter, consistent with the broader online environment," said Sundar Pichai, CEO of Alphabet and Google.
"It's
also a testament to the deep investments we've made in AI and other
technologies, to deliver services that people turn to for help, in
moments big and small," he added.
For the September quarter, the
tech giant brought in total advertising revenue of $37.10 billion,
compared to $33.80 billion a year ago.
"We remain focused on
making the right investments to support long term sustainable value,"
said Ruth Porat, CFO of Alphabet and Google.
Google Cloud revenue
was $3.44 billion and YouTube ads brought in $5.04 billion. Traffic
acquisition costs (TAC) was $8.17 billion.
"This year, including
this quarter, showed how valuable Google's founding product, search, has
been to people, Pichai said during the earnings call, adding that
starting next quarter, the company will report operating income for its
cloud business.
"Starting with our results for the fourth quarter
of 2020, we'll break out Google Cloud as a separate reporting segment,"
informed Pichai who was grilled by the US Senate panel along with
Facebook CEO Mark Zuckerberg and Twitter CEO Jack Dorsey over their
stand on Section 230 on Wednesday..
"With the segmentation, you
will additionally see information about the scale of our investment,
which will help gauge the progress we are making on the multi-year path
ahead to create sustainable value."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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