YouTube and mobile ad spend fuels 29% profit swell at Google
Alphabet, the parent company of Google, has revealed a 29% jump in quarterly profits despite the ongoing boycott of its advertising services by some big firms and organisations.
According to its quarterly results, profits were up to $5.4bn (approx £4.2bn) at the internet giant, underlined by a hefty 19% increase in ad revenues which rose to $21.4bn (approx £16.6bn).
Ruth Porat, Chief Financial Officer of Alphabet, said in a statement: “Our excellent results represent a terrific start to 2017, with revenues up 22% versus the first quarter of 2016 and 24% on a constant currency basis.
“We clearly continue to benefit from our ongoing investments in product innovation and have great momentum in our new businesses across Alphabet.”
The figures come just over a month after Google was embroiled in controversy over the serving up of adverts from some UK and US firms in tandem with extremist and bigoted content on YouTube.
The UK Government, along with VW, HSBC, Marks & Spencers and a raft of other firms have all pulled advertising on the platform as a result.
In light of the controversy, Google has said it is exploring ways to improve the moderation of content on its platforms and has made promises to block more hateful and derogatory content in the future.