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Google's parent firm Alphabet hails 'terrific' jump in revenue

Published 29/07/2016

Google's parent company Alphabet has reported a big jump in revenue
Google's parent company Alphabet has reported a big jump in revenue

Google's parent company Alphabet has reported a big jump in revenue in its latest financial results, with the company's finance chief hailing the figures as "terrific".

Alphabet - which comprises Google and its other various businesses known as "Other Bets", including Nest smart thermostats and the Google self-driving car programme - saw revenue increase to 21.5 billion US dollars (£16.3 billion), well above the 20.7 billion dollars (£15.7 billion) analysts had predicted.

Ruth Porat, the chief financial officer of Alphabet, said: "Our terrific second quarter results, with 21% revenue growth year on year, and 25% on a constant currency basis, reflect the successful investments we've made over many years in rapidly expanding areas such as mobile and video.

"We continue to invest responsibly in support of our many compelling opportunities."

The Google segment of Alphabet - the search engine business, as well as the Android platform - made up the vast majority of the revenue, accounting for all but just under 200 million dollars (£151 million) of it. Google also reported income of 6.9 billion dollars (£5.2 billion).

Advertising revenue was also up 19% on the same period last year, while Google's websites saw revenue climb 24% compared to a year ago.

The so-called "Other Bets" segment, made up of Alphabet's more ambitious business projects, saw revenue increase too.

However, losses were also higher, rising from 660 million dollars (£501 million) to 859 million dollars (£652 million).

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