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There’s a lot of uncertainty surrounding Google’s parent company Alphabet these days: a global pandemic, inflation fears plaguing the US economy, restless employees challenging management, and regulators and politicians seemingly determined to hurt them.
But one thing hasn’t changed. Alphabet continues to make money. most of them.
Alphabet on Tuesday hit $20.64 billion, up 36 percent on revenue of $75.32 billion in the final three months of 2021, up 32 percent from the previous year. According to data compiled by FactSet, earnings exceeded analysts’ forecasts of $19 billion in profit and $72.3 billion in revenue.
The strong results are a reminder of the strength underlying Google’s business and how the company will continue to thrive as long as people are active online, regardless of the circumstances surrounding it.
Google search remains the preferred way to go online. YouTube is a major online destination for entertainment, information and music. While Google lags behind Amazon and Microsoft, businesses outsourcing their technology infrastructure to the cloud are well positioned to capitalize on the seismic shift.
With a solid foundation, Google made minor changes to strengthen its strongholds.
In an effort to entice more users to search for shopping on Google or YouTube, the company has made changes to the way it allows retailers to list products. In a recent survey, Morgan Stanley found that the percentage of people who started searching for purchases on Google and YouTube has increased since last May, while the percentage of Amazon Prime users who started a search on Amazon has decreased.
YouTube released short videos of less than 60 seconds to rival TikTok and appeal to a younger audience. Google Cloud continues to employ more salespeople as part of its effort to expand into new industries and build partnerships.
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