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Alphabet shrugs off $2.7bn fine, still makes stacks of money this quarter
Google’s parent company Alphabet isn’t having the smoothest year on record thus far, but that hasn’t stopped it from making even more money this quarter.
The company today revealed its latest quarterly financial figures for Q2 2017, a quarter that has seen another marked increase in numbers behind dollar signs.
“With revenues of $26 billion, up 21% versus the second quarter of 2016 and 23% on a constant currency basis, we’re delivering strong growth with great underlying momentum, while continuing to make focused investments in new revenue streams,” the company’s CFO Ruth Porat told investors in a letter.
For comparison, the company made a smidgen over US$21-billion in Q2 2016.
Even amid Google’s record EU fine, Alphabet still managed to make money – and lots of it
The gains come amid Google’s US$2.7-billion fine handed down by the European Union for antitrust and a possible mass exodus of advertisers from YouTube amid hate speech and offensive content.
YouTube wasn’t listed in the financial results, which is of obvious annoyance to investors and those interested in its current health. Google however was.
The company’s advertising revenue was up to US$18.4-billion — great news for now-Alphabet board member and CEO of Google Sundar Pichai.
It also experienced a loss thanks to its “Other Bets” (read: mad scientists) division, which includes experimental ventures like Google Fiber, Nest and X. It decreased its company’s bottom line by more than US$770-million.
Alphabet now also employs over 75 000 people — a 10 000 buff over the previous quarter in 2016.
