Thursday, December 9, 2021

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Google profits soar on lockdown boom

Google owner Alphabet saw its earnings soar in the first quarter over increased demand for its services.

Net profit jumped by 162% to a record $17.9bn in the three months to March as advertising revenue swelled by a third.

It comes as the tech giant faces increased scrutiny over its power and the pandemic has people turning to the internet more than ever, BBC writes.

The firm credited “elevated consumer activity online” for its results.

“Over the last year, people have turned to Google Search and many online services to stay informed, connected and entertained,” said Alphabet and Google chief executive Sundar Pichai.

Analysts had expected a good performance as economies around the world have continued to reopen, prompting more spending on online advertising.

Reflecting this revenue at Google’s search business jumped by 30% to $31.9bn in the quarter , while sales at YouTube leapt 49% to $6bn.

There is however a snag for the tech giant, as continued regulatory action over issues such as competition and privacy remains.

The latest dispute emerged on Monday when streaming TV technology company Roku accused Google of engaging in anticompetitive behaviour to benefit its YouTube and hardware businesses.

Meanwhile, US and European regulators continue to discuss tightening oversight of Google and other tech giants, but have yet to agree legislation.

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