Alphabet cites rise in advertising ad prices for surge in net profits
Google owner Alphabet announced a 73 percent profit increase late Monday.
The company recorded revenue sales of $31.1 billion for Q1 2018, exceeding analyst predictions of $30.3 billion as well as increasing sales by over a quarter (26 percent) on the figure last year of $24.7 billion.
“Our on-going strong revenue growth reflects our momentum globally, up 26 percent versus the first quarter of 2017 and 23 percent on a constant currency basis to $31.1 billion,” Ruth Porat, CFO of Alphabet and Google, said.
“We have a clear set of exciting opportunities ahead, and our strong growth enables us to invest in them with confidence.”
Alphabet was the first among rivals Facebook, Twitter and Snapchat to report its results and as a result provides key insight into the digital ads market amid controversies about user privacy .