Google Smashes Sales Records as Digital Ad Market Booms
< img src= "https://images.wsj.net/im-329647/social" class= "ff-og-image-inserted"/ > Google’s parent business shattered sales records for the first quarter, fueled by a rise in digital advertisement spending that has enhanced the tech heavyweight even as regulators try to reduce its power.
The robust revenues show advertiser anticipation that the resuming of the economy will accompany a gusher of service activity, along with Google’s prominent place at the center of digital commerce.
The pandemic supplied a shock to Alphabet Inc.’s marketing company as more people moved their lives online during a stay-at-home year, turning to Google search to discover takeout meals and grocery-delivery alternatives while clicking through videos on the company’s YouTube platform. Brands reacted by shifting ad costs from print, television and in-store promos to discover clients across the Google universe.
Alphabet reported first-quarter sales of $55.31 billion, an increase of 34% from a year earlier when advertising sales plunged as the coronavirus maimed the worldwide economy. Earnings more than doubled, with per-share earnings far surpassing analysts’ expectations.
The business posted $31.88 billion in sales from its signature products, including search, Gmail and maps, a 30% boost that showed the method brand names are spending to reach people online. YouTube pulled in $6 billion, increasing 49% from a year earlier.
Released at Tue, 27 Apr 2021 22:28:00 +0000
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