Google parent Alphabet’s Q3 beats expectations with $22.5 billion in revenue
Mobile search continued to be the primary driver of revenue growth.
Total quarterly revenues were $22.25 billion (Ad revenues were $19.8 billion), while so-called “other bets” generated $197 million (mostly Nest and Fiber). That was an increase vs. last year. There was also a smaller loss of $865 million on other bets compared to a year ago.
Last quarter, Alphabet CFO Ruth Porat said that revenue growth was driven primarily by mobile search. But the company also cited video and programmatic as strong areas of growth. Porat said that in Q3 mobile search was also the big growth driver, with a strong contribution from YouTube. She added that desktop search was still seeing “decent growth.”
Google has $83.1 billion in cash and cash equivalents on hand, 60 percent of which is overseas.
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