Google’s Alphabet in big profit jump

Google’s Alphabet in big profit jump

Google’s Alphabet in big profit jump

Written by Staff Writer

23 Oct, 2015 | 6:48 am

Alphabet the new parent company of Google, has reported profits up almost 50% for the third quarter.

Net income was $3.98bn, up from $2.74bn for the same quarter last year.

Google’s revenue was $18.7 (£12.1bn) compared with $16.5bn.

Growth came mainly from mobile searches and YouTube users.

In August, the company created Alphabet as the new parent company of Google and its other diverse businesses.

In January, Alphabet will report Google’s financial numbers separately from the other businesses, which include experiments with self-driving cars, investing in startups, making Internet-connected thermostats and searching for cures to health problems.

The break out of Google’s figures are expected to reveal how much money Google would have made if it had not diverted money into chief executive Larry Page’s so-called “moon shots”.

Alphabet shares were up 11% to $722.53 in after hours trading – a record, boosted by news of a large share buyback, which will means

YouTube announced on Thursday a plan to offer a monthly commercial free subscription service that will compete with Netflix and Amazon prime.

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