Google and Alphabet see fresh growth despite increased scrutiny of technology firms by antitrust regulators
- Profits tripled in the second quarter from a year earlier to US$9.9 billion while revenues increased 19 per cent to US$38.9 billion
Google parent Alphabet’s stock price leapt Thursday after reporting stronger-than-expected results in a quarterly update coming amid growing scrutiny of technology firms by antitrust regulators.
The internet giant said profits tripled in the second quarter from a year earlier to US$9.9 billion while revenues increased 19 per cent to US$38.9 billion.
Shares in Alphabet rallied some nine per cent in after-hours trade on the report, which appeared to ease fears about slowing growth.
Also helping shares was an announcement that the company would spend an additional US$25 billion on stock buy-backs.
Profits were sharply higher than the same period last year when Google was forced to pay a US$5 billion fine to settle antitrust actions in the European Union.
The strong results come with Google expected to face tough scrutiny in the United States where antitrust regulators have begun a review on online platforms over competition concerns.