The parent company of Google (GOOGL), Alphabet has claimed to generate a sales revenue of $27.77 billion, in a brief period of the third quarter of a year. Google saw a gain of 24%.
Thanks to advertisements on YouTube and mobile platform, the company’s earnings earned a new milestone. The section which manages “Nest” observed a sharp jump from an almost $200 million to $302 million, inside a quarter of a year. The loss of these bets have been significantly narrowed, but still, they remain as high as $812 million for the quarter.
There is no question about the ever-growing potential and earning statistics of advertisement power of Google. However, this has created a little problem for Google. All the three tech giants of the Silicon Valley (Google, Facebook, and Twitter) have been asked to testify before Congress.This is due to the claims that just before the 2016 presidential elections, Russian bought ads became a source of misinformation and thus, created a lot of divisions in America.
According to Ruth Porat, the chief financier of the enterprise, the majority of advertisers never felt the need to quit doing business with Google. However, those who went away, a majority of them came back.
Porat doesn’t feel the heat generated from the incident. She thinks that if there is any damaging impact to the impeccable reputation of Google, it has yet to show up.
Controversy or not, one thing is clear. The advertisement earnings of the business are enough to bring the company into the headlines again. The stock of the company, popped 3% in after-hours, trading on Thursday, which put the shares of the company back to a remarkable price of more than $1000 per share.