Alphabet profit propelled by good advertising on mobile devices
San Francisco/Bengaluru — Google parent Alphabet bested analysts’ estimates for third-quarter profit and revenue on Thursday, as the search company showed it had honed its core business for the mobile era and was closing in on the next wave of computing. Propelled by strong advertising on mobile devices and video site YouTube, Alphabet’s net income climbed 27% to $5.06bn. Revenue jumped 20% to $22.45bn, marking the search giant’s seventh straight quarter of double-digit revenue growth. The company authorised a $7bn repurchase of its class C stock, pleasing investors who had been craving more after a $5bn repurchase last year. Google is competing fiercely with social network Facebook for dominance in the fast-growing mobile advertising market. Google CEO Sundar Pichai touted the company’s gains in the space, and was bullish about recent product launches such as the Google Assistant, the Google Home smart speaker and refinements to the enterprise cloud business. The products are aimed...
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