Google, a tech giant and leader in internet services, has released their earnings report for the third quarter of 2020. The company has reported profits up 32% compared to the same quarter a year ago.
Google Reports Q3 Earnings
Google has released their earnings report for the third quarter of 2020. The company reported total revenue of $46.2 billion, an increase of 14% over the same quarter a year ago. Of that total, advertising revenue totaled $37.1 billion, up 17% year-over-year. Advertising revenue was driven by an increase in YouTube ads, as well as Google’s cloud computing business.
The company’s operating income for the quarter was $7.1 billion, an increase of 32% year-over-year. This was driven by strong performances in Google’s core businesses and its cloud computing business. Net income for the quarter was $7.0 billion, up 32% from the same quarter a year ago.
Google’s stock rose 3% in after-hours trading following the announcement of the earnings report. The company is on track for another year of solid growth, and is expected to benefit from the shift towards digital services in the wake of the COVID-19 pandemic.
Profits Up 32%
Google’s profits for Q3 2020 were up 32% compared to the same quarter a year ago. This was driven by strong performances in the company’s core businesses and its cloud computing business. Google’s core businesses include search, advertising, and YouTube, while its cloud computing business includes cloud-based services, such as G Suite and Google Cloud Platform.
Google’s cloud computing business generated $3.44 billion in revenue for the quarter, a 51% year-over-year increase. This growth was driven by the shift towards digital services as a result of the COVID-19 pandemic. The company also reported strong performance in YouTube advertising, as well as its search and display advertising businesses.
Google’s stock rose 3% following the announcement of the Q3 earnings report. The company is on track for another year of solid growth, and is expected to continue to benefit from the shift towards digital services.
Google reported its Q3 2020 earnings report, showing profits up 32% over the same quarter a year ago. This was driven by strong performances in the company’s core businesses, as well as its cloud computing business. Google’s stock rose 3% following the announcement of the Q3 earnings report, and the company is on track for another year of solid growth.