Breaking News

White Label Service Google Stadia Also Stopped

Parent Company Google Exceeds Expectations with Profit Of 19 Billion in Third Quarter

Google parent company Alphabet closed the third quarter of this year with a profit of 18.9 billion dollars, compared to 11.2 billion dollars a year earlier. Alphabet mainly earned more money with its cloud services, while advertising revenues were also significantly higher.

 

Google is the hub of online activity with services such as its search engine, an advertising marketplace, and the YouTube video platform that help the company make a global impact. In the third quarter of this year, the group’s turnover amounted to 65.1 billion dollars, about 56.1 billion euros. As a result, revenues grew by 41 percent year on year.

According to Alphabet CEO Sundar Pichai, the results show that the company’s investments in artificial intelligence, among other things, are paying off. “Those investments allow us to build more helpful products for people and our partners,” he said. He added that the digital transformation and shift to hybrid work continues. “Our cloud services help organizations to collaborate.”

Alphabet has recently been faced with strict controls by regulators because of the market power of the tech group. As a result, regulators are increasingly questioning whether the company is abusing its power, including to thwart competitors.

The South Korean antitrust watchdog fined Google nearly $180 million in September for abusing its dominant position in the mobile operating system and app markets. It was the umpteenth time that measures were taken against tech giants around the world. Google is also reportedly facing a new antitrust lawsuit in the US over the company’s dominance in the online advertising market.

Incidentally, Alphabet is not successful in all areas where it is active. For example, the company is still struggling in the smartphone market. In October, Google launched new Pixel 6 smartphones, making another attempt to become more dominant in that market as well.

Leave a Reply