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Google parent Alphabet says profit rises to US$4.9b

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Google parent Alphabet on Monday reported its quarterly profit rose five per cent to US$4.92 billion on the back on strong online ad revenue.

[SAN FRANCISCO] Google parent Alphabet on Monday reported its quarterly profit rose five per cent to US$4.92 billion on the back on strong online ad revenue.

The California-based Internet colossus said its revenue topped US$21.3 billion in the final three months of last year.

Alphabet shares jumped more than five per cent to US$794 on earnings figures that beat expectations.

"Our very strong revenue growth in Q4 reflects the vibrancy of our business, driven by mobile search as well as YouTube and programmatic advertising, all areas in which we've been investing for many years," Alphabet chief financial officer Ruth Porat said in the earnings release.

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"We're excited about the opportunities we have across Google and Other Bets to use technology to improve the lives of billions of people." The earnings report was the first in which recently formed parent corporation Alphabet separated money made by Google from "other bets" such as its work on self-driving cars or delivering Internet using high-altitude balloons.

Alphabet's earnings listed a loss of about US$3.6 billion last year in a consolidated "other bets" category that brought in US$448 million in revenue.

Alphabet reported that is overall revenue for last year rose to US$74.5 billion from US$65.7 billion in 2014.

AFP

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