Google parent Alphabet Inc beat analysts’ estimates for quarterly revenue on Tuesday, powered by a surge in advertising spending amid more consumers shopping online.
The digital ad market is booming, with consumers shifting to shopping largely online due to the pandemic, leading companies to rely on data gathered from customers’ orders and online activity to launch new products as well as know their market better.
Alphabet said revenue from Google advertising rose nearly 70% to $50.44 billion, while that from YouTube jumped 83.7% to $7 billion in the second quarter ended June 30.
Revenue of the internet’s biggest supplier of search and video ads rose 61.6% to $61.88 billion, well above Wall Street estimates of $56.16 billion, according to IBES data from Refinitiv.
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