A steady jump in digital ad spend at Google drove its parent company’s profit up 68% in the third quarter.
Mountain View, Calif.-based Alphabet Inc. said Tuesday it earned $18.94 billion, or $27.99 per share, in the July-September period. Revenue rose 41% to $65.12 billion.
Analysts polled by FactSet expected earnings of $23.73 per share on revenue of $63.53 billion. Shares remained virtually unchanged in after-market trading.
Google is the world’s leading search engine, has the largest mobile operating system in Android and runs the massive video site YouTube. According to eMarketer, it accounts for 29% of the global $455 billion digital advertising market, followed by Facebook. Both tech giants are benefiting as companies that put more money into marketing last year during the pandemic.
The company’s dominance has drawn scrutiny over the years, and regulators in the US and other countries have gone after Google on various aspects of its business, including search, ads and its App Store, to try to curtail its reach.
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