Google parent company Alphabet reports ‘terrific quarter’

Google parent company Alphabet reports ‘terrific quarter’

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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.

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