Arthur J. Villasanta – Fourth Estate Contributor
Mountain View, CA, United States (4E) – Alphabet, Inc., Google’s parent company, reported a 21% increase in revenue year-on-year during its recently ended third quarter ended September 30, 2018. But despite strong profits, Alphabet missed its targets and share prices inched downwards.
With revenues of $33.7 billion, the company still managed a 21% year-on-year increase over the comparable $27.8 billion in 2017. Alphabet’s net income for the quarter still stood at $9.19 billion compared to $6.73 billion year-on-year.
Both these results, however, were weaker than the year-on-year increases from 2016 to 2017 and might have been a factor in Alphabet’s stock falling 3.3% in the hours after it announced its earnings on Oct. 25. Alphabet also fell short of projected revenues of $34.1 billion.
Weighing heavily in the fortunes of Alphabet and Google are its legal battles over market domination and privacy in the European Union and various controversies about its its past and potential practices.
“Our business continues to have strong momentum globally, led by mobile search and our many products that help billions of people every day,” said Alphabet and Google CFO Ruth Porat. “Alphabet revenues were $33.7 billion, up 21% versus the third quarter of 2017, and we remain focused on delivering on the opportunities we see.”
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