Google parent company Alphabet reported a strong last quarter in its latest financial results, announcing a revenue increase of more than $5bn on the same period last year.
The technology giant saw revenue for the three months ending September 30 rise by 24%, with net income also increasing to $7.8bn. The company’s chief financial officer Ruth Porat said the firm was delighted with the way it was performing.
“We had a terrific quarter, with revenues up 24% year on year, reflecting strength across Google and Other Bets,” she said. “Our momentum is a result of investments over many years in fantastic people, products and partnerships.”
Google continues to make up the vast majority of the companies revenue and income, however the so-called “other bets”, which include Alphabet’s Waymo driverless car business, as well as the Project Loon WiFi-enabled weather balloon venture saw revenue increase and losses fall.
Total other bets revenue was up to $302m, from $197m in the same period last year. Google has just launched a string of new hardware products, including a new smaller version of the Google Home smart speaker, the Mini.
The company has also announced the latest generation of its own-built smartphone, the Pixel 2, however the larger Pixel 2 XL version of the device, which is due to go on-sale next month, has been hit by some reports of screen ‘burn-in’.
The issue can affect high-resolution screens, and causes images that are displayed for a long period to be ‘burned’ into the screen, appearing faintly even when nor on display. The tech giant has said it is investigating the issue.