Google’s parent company, Alphabet, said on Tuesday that its most recent quarterly revenue rose sharply year-on-year, fueled by strong demand for online advertising on search results. YouTube search and video, and continued growth in the cloud.
Alphabet posted revenue of $ 55.31 billion, up 34% from a year earlier, and net profit more than doubling to $ 17.93 billion in the first quarter. The results were above analysts’ expectations.
Like other tech corporations, Alphabet has thrived during the pandemic. After a drop in travel-related advertising during the first few months of the pandemic, Google’s advertising business rebounded strongly, with businesses targeting consumers spending a lot of time. more online.
Google’s cloud business continued to attract customers during the pandemic as companies moved more data and worked into centralized data centers in an effort to save money and become more digitally agile. But Google continues to be third behind in the cloud business by Amazon and Microsoft. Cloud business’s revenue grew 46%, while its loss narrowed to $ 974 million in the first quarter.