Google parent Alphabet revs up revenue, profit

AFP

Business, Companies

Quarterly update topped most forecasts and showed a 22 per cent increase.

Alphabet CEO Larry page.

San Francisco: Google parent Alphabet on Thursday reported a 29 percent jump in quarterly profit to $5.4 billion, lifted by strong revenue growth at the internet giant. 

The quarterly update topped most forecasts and showed a 22 percent increase in overall revenue compared with a year ago to $24.75 billion.

"Our excellent results represent a terrific start to 2017," chief financial officer Ruth Porat said.

"We clearly continue to benefit from our ongoing investments in product innovation and have great momentum in our new businesses across Alphabet."

The Google segment delivered the overwhelming majority of revenues for the company -- or $24.5 billion.

The so-called "other bets," which include smart home devices, self-driving cars and life sciences, took in $244 million in revenue but delivered an operating loss of $855 million, Alphabet said.

The stronger-than-expected results helped lift Alphabet shares more than four percent in after-hours trade on Wall Street.

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