BUSINESS

Google Sees Profits Jump

Google owner Alphabet saw its earnings jump in the first quarter as people became a captive audience for its services in light of the pandemic.

Net profit soared by 162% to a record $17.9bn in the three months to March as advertising revenue swelled by a third.

It comes as the tech giant faces increased scrutiny over its power and the pandemic has people turning to the internet more than ever.

The firm credited “elevated consumer activity online” for its results.

“Over the last year, people have turned to Google Search and many online services to stay informed, connected and entertained,” said Alphabet and Google chief executive Sundar Pichai.

Analysts had expected a good performance as economies around the world have continued to reopen, prompting more spending on online advertising.

Reflecting this revenue at Google’s search business jumped by 30% to $31.9bn in the quarter, while sales at YouTube leapt 49% to $6bn.

Readers Bureau, Contributor

Edited by Jesus Chan

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