The Parent Company of Google has Announced Strong Results For the Third Quarter

The results of Alphabet’s quarterly financial report were better than expected by analysts, according to the company. The company’s annual revenue increased by 41% to $65.1 billion, while profit increased by nearly $19 billion (or $27.99 per share) between July and September, exceeding the consensus estimate of $24.08 per share.

Google advertising generates the majority of the company’s revenue, with the division that includes Google Search, YouTube Ads, and Google Network bringing in $53.1 billion. Chief Business Officer at Google Philipp Schindler says that consumers are shifting to digital purchases and that this trend will continue.

According to Reuters, Apple’s decision to allow iPhone users to limit the amount of data they send to advertisers has hurt Snap Inc. (the parent company of Snapchat) and Facebook, but hasn’t had the same impact on Google. YouTube Ad sales had only a “modest impact,” according to Alphabet’s Chief Financial Officer Ruth Porat.

Companies and advertisers are also cutting back on spending because of supply-chain issues around the world that make it difficult to keep employees employed and shelves stocked. Nevertheless, only automotive ads were impacted, according to Schindler.