Google reports record profit

Stefan Mileschin · 29th April 2021, 04:36

Plans $50 billion share buyback

Google parent Alphabet reported record profit for the second consecutive quarter and a $50 billion share buyback but warned a surge in usage and ad sales during the pandemic may slow as people resume in-person activities.

Alphabet beat analysts' revenue estimates and nearly surpassed the sales record it set in the fourth quarter.

Google ad sales jumped 32 per cent in the first quarter compared with a year ago, above expectations of analysts tracked by Refinitiv. Cloud sales increased 45.7 per cent, in line with estimates.

The results provided the first sign that Google services such as search and YouTube may hold on to gains made since lockdowns and other pandemic restrictions forced people to shop and communicate online over the last year.

Alphabet Chief Financial Officer Ruth Porat told analysts "it's too early to forecast the extent to which these changes in consumer behaviour and advertising spend will endure."

https://fudzilla.com/news/52773-goog...-record-profit

29th April 2021, 04:36	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 148,797	Google reports record profit Plans $50 billion share buyback Google parent Alphabet reported record profit for the second consecutive quarter and a $50 billion share buyback but warned a surge in usage and ad sales during the pandemic may slow as people resume in-person activities. Alphabet beat analysts' revenue estimates and nearly surpassed the sales record it set in the fourth quarter. Google ad sales jumped 32 per cent in the first quarter compared with a year ago, above expectations of analysts tracked by Refinitiv. Cloud sales increased 45.7 per cent, in line with estimates. The results provided the first sign that Google services such as search and YouTube may hold on to gains made since lockdowns and other pandemic restrictions forced people to shop and communicate online over the last year. Alphabet Chief Financial Officer Ruth Porat told analysts "it's too early to forecast the extent to which these changes in consumer behaviour and advertising spend will endure." https://fudzilla.com/news/52773-goog...-record-profit

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