Google’s parent company Alphabet announced that it earned net income of $7 billion on revenues of $40.5 billion for the quarter ending September 30. That revenue figure is a gain of 20 percent year-over-year.
“We had a strong quarter, consistent with the broader online environment,” Google and Alphabet CEO Sundar Pichai said. “It’s also a testament to the deep investments we’ve made in AI and other technologies, to deliver services that people turn to for help, in moments big and small.”
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What it’s a testament to is advertising: Google CFO Ruth Porat credited the firm’s growth on “an increase in advertiser spend in Search and YouTube as well as continued strength in Google Cloud and Play,” and 83.4 percent of Google’s revenues were derived from advertising.