Shares of Google’s Parent Soar on Strong Mobile Ad Sales
Google parent Alphabet reported a 24% jump in quarterly revenue on robust mobile advertising.
The company’s shares were up nearly 3% at $1,020 after the bell on Thursday. They have gained 25% this year.
On a consolidated basis, the company’s revenue rose to $27.77 billion in the third quarter ended Sept. 30.
Ad revenue surged 21.4% to $24.07 billion.
Google is expected to generate about $72.42 billion in net digital ad revenue worldwide this year, a 15.7% jump from a year earlier, according to research firm eMarketer.
Paid clicks, where an advertiser pays only if a user clicks on ads, rose 47%. Analysts on average had expected an increase of 46.1%, according to data and analytics firm FactSet.
Alphabet’s total traffic acquisition costs, a measure of how much money the company spends to attract users to its search engine, rose 31.6%.
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Losses from Alphabet’s “Other Bets” – separate business units including the Waymo self-driving car unit, Google Fiber, thermostat-maker Nest and life sciences firm Verily – narrowed to $812 million from $861 million.
The company’s net income rose to $6.73 billion, or $9.57 per Class A and B share and Class C capital stock, in the third quarter ended Sept. 30 from $5.06 billion, or $7.25 per share, a year earlier.