4min read
PREVIOUS ARTICLE CommSec Daily Report Friday NEXT ARTICLE ASX 3.88pc loss is worst week since April

Google’s parent company Alphabet has seen a jump in profits in its third quarter due to booming advertising revenues and a strong cloud business.

The tech giant announced after the US stock market closed on Thursday that its net profit shot up almost 60 per cent year-on-year to $US11.2 billion ($A16.0 billion).

It said revenue grew by 14 per cent to $US46.2 billion.

Following a subdued previous quarter, Google’s advertising business – Alphabet’s main source of revenue – was back on track and made the largest contribution at $US37.1 billion.

Advertising revenues from Alphabet’s video subsidiary YouTube and its cloud business, with IT services and internet storage space, also flourished.

The results exceeded expectations and led to an initial jump in the share price.