Digital Ads Catapulted Quarterly Revenue 41% at Google’s Parent Company
Alphabet posted its highest quarterly revenue increase in more than a decade, as businesses jumped online and poured money into digital ads to meet consumers who are increasingly shopping online or researching local businesses to buy online and pick-up in stores, reports MarketingDaily.
“Searches for open now near me are four times globally versus last year,” Philipp Schindler, senior vice president and chief business officer at Google, said during the company’s earnings call. “Strong growth in local shopping queries means people are researching the visits to stores more often before they go. As a result, we’ve seen more advertisers include in-store sales alongside e-commerce goals to drive omni-channel growth. Adoption has nearly doubled over the past year.”
That growth catapulted revenue by 41% to $65.12 billion, Google’s parent company reported during its third quarter earnings call, continues the MarketingDaily post. Profit rose to $21.03 billion, up nearly three times what it reported before the pandemic.
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