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Google revenue jumps 62%, fueled by demand for online advertising

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Google (GOOG)Alphabet parent company reported revenue of $ 61.9 billion for the quarter ended June 30, a surprising jump of 62% from the same quarter last year and significantly higher than analysts expected. The company’s profits more than doubled to $ 18.5 billion.

Alphabet shares rose 3% in trading outside of Tuesday hours after the earnings report.

Much of this growth was driven by one rebound in Google’s core advertising business, which grossed $ 50.4 billion, up 69% from the previous year. Advertising revenue from the YouTube video platform increased by 84% to $ 7 billion.

Google’s ongoing efforts to diversify its business beyond online advertising also seem to be bearing fruit.

Sundar Pichai, CEO of Alphabet and Google, hailed the company’s investments in artificial intelligence and its rapid cloud business growth, which reduced its quarterly losses from $ 1.4 billion to $ 591 million compared to same period last year. Google Cloud revenue rose 54% to $ 4.6 billion.

“In the second quarter, there was an increase in online activity in many parts of the world and we are proud that our services have helped so many consumers and businesses,” Pichai said in a statement. “Our long-term investments in AI and Google Cloud help us significantly improve everyone’s digital experience.”

While promoting the growth and recovery of Google gangsters, Pichai began a conference call to discuss the results with a reminder that the pandemic is not over yet.

“First of all, I want to acknowledge that the new variants of Covid-19 have been a challenge for so many communities around the world,” he said. “I really encourage everyone to get the vaccine when it’s available.”

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