Google’s parent company, Alphabet, said on Tuesday that revenue in its most recent quarter increased sharply from the same period a year ago, boosted by strong demand for online advertising on its search results and YouTube videos and by continued growth at its cloud computing arm.
Alphabet posted revenue of $55.31 billion, up 34 percent from a year earlier, and net profit more than doubled to $17.93 billion in the first quarter. It was the third straight quarter of record profit for the company. The results came in above analysts’ expectations. Shares of Alphabet rose more than 4 percent in after-hours trading.
Like the other technology conglomerates, Alphabet has thrived during the pandemic. After a pullback in travel-related advertising during the first few months of the pandemic, Google’s advertising business has rebounded with gusto. Businesses are spending money with Google to target consumers who are spending more time online.