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For Amazon, Apple, Facebook and Google Business Is Booming

For Amazon, Apple, Facebook and Google Business Is Booming

Google parent Alphabet Inc on Thursday powered back to sales growth, beating analysts' estimates for the third quarter as businesses initially hobbled by the coronavirus pandemic resumed advertising with the internet's biggest supplier of ads. Alphabet shares, up 13% on the year, rose 8.5% after hours to $1,689.89.

 

Google’s billions of users are spending more time online transacting and entertaining themselves this year as they try to avoid the virus. But many advertisers ceased spending in the second quarter as travel and leisure activity disappeared. As the global economy in the third quarter began to chug along again, advertisers flocked to Google to let shoppers know about deals and adjusted service offerings. Google also gained from political ad spending ahead of the U.S. presidential election on Nov. 3, advertising analysts said.

 

Ad sales surged across all regions and industries, Alphabet Chief Financial Officer Ruth Porat said. For instance, U.S. revenue grew 15% in the third quarter compared with 1% in the second quarter. “While we’re pleased with our performance in the third quarter, there is obviously uncertainty in the external environment,” Porat said.

 

Google rival Facebook warned that the recent bump in online shopping, which has been good for online ad sellers, may not carry through next year. Alphabet’s bounce-back followed its first sales decline compared with a year-earlier period in the second quarter, since going public in 2004. Third quarter sales were $46.2 billion, up 15% from a year ago, compared with the average estimate of $42.9 billion, or 5.9% growth, among analysts tracked by Refinitiv.

 

Alphabet’s profit was $11.2 billion, or $16.40 per share, compared with the average estimate of $7.698 billion, or $11.18 per share. Earnings benefited from cutbacks in marketing and travel and in particular a 20% drop in spending on equipment and workspace construction. Google ad sales accounted for 80% of Alphabet’s revenue, with bumps across each of the ads businesses where Google technology dominates the online landscape, including search, YouTube and the broader web.

 

Facebook, Amazon.com Inc AMZN.O and Twitter Inc TWTR.N also released financial results on Thursday that were above expectations, showing how internet companies have fared well through the pandemic. Facebook shares on Thursday were up 30% this year, Amazon 71% and Twitter 51%.

 

Source: Reuters & BBC

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