Global technology giant Google has reported a jump in quarterly profits to $18.9 billion, even as the online colossus faces increased regulatory pressure and shifting of the lockdown lifestyles that have so benefited Big Tech.
Google remains the frontrunner with offerings such as its search engine, ad marketplace, and YouTube video platform that give it extensive global influence.
Google’s parent company Alphabet saw a revenue of $65.1 billion in the recently-ended quarter eclipsed the same period last year by some 41%, as its online ad engine and cloud services thrived.
Meanwhile, fellow giant Facebook, despite its whistleblower scandal, has also announced whopping profits although Twitter reported a large loss due to a shareholder lawsuit settlement.
“This quarter’s results show how our (artificial intelligence) investments are enabling us to build more helpful products for people and our partners,” Sundar Pichai, CEO of Alphabet and Google said.
“As the digital transformation and shift to hybrid work continue, our Cloud services are helping organizations collaborate,” he added.
From July to September, its video service sold $7.2 billion of advertising space targeted according to content and users, against $5 billion in the same period last year, according to Alphabet.
Its remote-computing business saw nearly $5 billion in revenue, up 45 percent over the previous year.
Meanwhile, Google’s driving force remains advertising, with the company on pace to have 28.6 percent of the global digital advertising market in 2021, according to eMarketer, just ahead of Facebook’s 23.7% share.
Google is among internet giants in the crosshairs of regulators and critics concerned about whether they unfairly dominate markets and fend off competition.
Meanwhile, social media giant Twitter posted a $537 million net loss in the quarter after settling a lawsuit alleging investors were misled about slowing user growth.
Despite revenue rising sharply with the help of robust ad sales, Twitter still posted an operating loss of $743 million, fueled by the more than $800 million settlement.