Google’s parent company Alphabet has reportedly more than doubled its profits after companies massively invested in digital advertising to reach people working and interacting online during the coronavirus pandemic.
The Times reports that profits at Google-parent Alphabet have more than doubled this year due to a major increase in advertising investment from companies attempting to reach people working online during the coronavirus pandemic.
Alphabet has been largely boosted by “elevated consumer activity online” as it again beat Wall Street’s expectations. The tech giant’s revenue jumped by 34 percent to $55.31 billion in a record-breaking first quarter, bringing its overall net profits to $17.93 billion.
Alphabet’s shares are now on track to reach a new high following the earnings report. Alphabet is now valued at more than $1.5 trillion and makes more money from digital advertising than any other company.
Alphabet sells advertising space on Google’s search engine and YouTube video