Google parent company Alphabet increases profits and revenues strongly
Alphabet, Google's parent company, continues to post stellar earnings thanks to booming advertising revenue. In the first quarter, revenue climbed 26 percent from the previous year to $31.1 billion, the internet company announced on Monday after the U.S. stock market closed.
The surplus increased by 73 percent to 9.4 billion dollars. However, special effects in the course of a change in accounting inflated the result considerably. Operating profit grew from 6.6 billion to 7.0 billion dollars. The Trump administration's tax cuts also played into the Group's hands - the effective tax rate fell from 20 percent to 11 percent year-on-year. The quarterly figures clearly exceeded analysts' expectations. (SDA)
