Google income jumps 14% to $46 billion, inventory soars

Google revenue jumps 14% to $46 billion, stock soars

The tech big’s guardian firm, Alphabet, reported income of $46.17 billion for the three months ending in September — a 14% enhance from the identical interval final 12 months — highlighting its continued dominance even whereas going through quite a few obstacles.

The firm additionally reported web earnings for the third quarter of $11.2 billion, blowing previous analyst estimates. Alphabet (GOOGL) inventory rose greater than 8% in after-hours buying and selling on Thursday.

The earnings got here a day after Alphabet’s CEO, Sundar Pichai, confronted hours of questioning from lawmakers — together with the CEOs of Facebook and Twitter — over their content material moderation insurance policies and accusations of political bias.

Pichai defended his firm’s dealing with of content material, saying it approaches its work with out political bias, “full stop.”

“To do otherwise would be contrary to both our business interests and our mission, which compels us to make information accessible to every type of person, no matter where they live or what they believe,” he added.

Google was additionally hit with an antitrust lawsuit by the US Department of Justice final week, the biggest such case towards a tech firm in additional than 20 years when Microsoft was sued. The Justice Department alleged that Google has stifled competitors to keep up its highly effective place within the market for on-line search and search promoting.

Google refuted these accusations, criticizing the lawsuit as “deeply flawed.”

“People use Google because they choose to, not because they’re forced to, or because they can’t find alternatives,” Google’s Senior Vice President for Global Affairs, Kent Walker, wrote in a weblog submit.

The Justice Department, in the meantime, has mentioned “nothing is off the table” in relation to regulating the corporate.

Google, which additionally owns YouTube, and different Big Tech corporations have their largest stress take a look at nonetheless on the horizon. The firms have spent months instituting new insurance policies on political promoting and cracking down on misinformation forward of the November three US presidential election.

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