Tech: Alphabet reports surging profit
Google’s parent company, Alphabet, unveiled blockbuster earnings this week, said Nick Statt in TheVerge.com. The internet giant reported a 73 percent jump in profits in the first quarter, zooming past Wall Street estimates “thanks in large part to its mammoth search advertising machine.” Alphabet generated roughly $31.2 billion in sales, with its core advertising business, which is responsible for 86 percent of revenue, performing “astonishingly well.” The figure was up significantly from the $24.8 billion it recorded a year ago. Alphabet’s profits soared for the quarter, to $9.4 billion, compared with last year’s $5.4 billion.
“The good news is that Google still makes insane amounts of money,” said Dan Gallagher in The Wall Street Journal. “That is also the bad news.” The business recorded its fastest rate of growth since 2011, and it roughly doubled the ad revenue that Facebook generated in the same period. But having “largely escaped the withering public scrutiny that has fallen upon Silicon Valley” of late, Google won’t be trumpeting its numbers too loudly. “Some of Facebook’s problems may be unique, but new regulations are unlikely to spare the biggest player in this business.”