Google’s parent company Alphabet reports ‘exceptional’ growth
PUBLISHED: 09:01 27 January 2017 | UPDATED: 09:13 27 January 2017
ARCHANT EASTERN DAILY PRESS (01603) 772434
Google’s parent company Alphabet has reported what it called “exceptional” growth in its latest quarterly financial results.
The technology giant saw overall revenue increase by 22% to $26.1bn (£20.7bn) on the same period last year, while net income was also up to more than $5.3bn (£4.2bn).
Google accounted for most of the company’s overall revenue but the so-called Other Bets branch of the company, which includes the firm’s driverless car and internet signal-carrying weather balloon projects, saw revenue jump from $150m (£119m) to $262m (£208m), continuing steady improvement.
“Our growth in the fourth quarter was exceptional - with revenues up 22% year on year and 24% on a constant currency basis,” Alphabet finance chief Ruth Porat said.
“This performance was led by mobile search and YouTube. We’re seeing great momentum in Google’s newer investment areas and ongoing strong progress in Other Bets.”
The company’s losses also shrank from $1.2bn (£953m) to just under $1.1bn (£873m).
Advertising, a crucial part of the Google business, reported a revenue increase of 17% in the quarter on the same period last year and other revenue within Google was up 62%.