Google: and yet there is one king, even though he spends money left and right
Google’s owner, Alphabet, presented its results for the last quarter. There is one conclusion from the presentation. The search giant is doing well and growing more and more.
Investments in AI will pay off later
Alphabet noted profit in the last 3 months of $26.3 billion. This is as much as 34% than in the same quarter a year earlier. The company’s revenues increased by 15% to $88.2 billion.
Our commitment to innovation and long-term investments in artificial intelligence give us very good results.
– Alphabet CEO Sundar Pichai did not hide his satisfaction.
The owner of Google could report even higher profits if it were not for the huge investments related to AI. Google strongly entered the competition with other giants such as Microsoft, Amazon and Apple, investing as much as USD 13 billion during this period, i.e. 62% more than a year ago.
Not only President Pichai was satisfied with the results. Investors also welcomed the latest report and share prices jumped by 5%.
More information can be found in this document (PDF).
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