Google’s parent company Alphabet has posted a 20 per cent increase in revenue for Q3 2019, with the company’s advertising business performing particularly well.
Advertising revenue hit $US33.92bn for the quarter, compared with $US28.95bn in Q3 2018.
This accounted for the vast majority of Google’s total quarterly revenue of $US40.49bn.
“I am extremely pleased with the progress we made across the board in the third quarter, from our recent advancements in search and quantum computing to our strong revenue growth driven by mobile search, YouTube and Cloud,” said Google CEO Sundar Pichai.
“We’re focused on providing the most helpful services to our users and partners, and we see many opportunities ahead.”
Pichai added that half of advertisers’ Search spend is now from automated bidding.
Despite the advertising chunk of the business continuing to pay the bills for the tech giant, it is still clearly keen to diversify its income.
“Other revenue”, made up of its Pixel phones, other hardware, Play Store and cloud products, came in at $US6.43bn.
Meanwhile. the company’s “other bets” such as its self-driving car business Waymo reported $US155m in revenue, but were not profitable.
Acquisition on the cards?
Google’s continued focus on areas outside of its traditional business model means rumours that the company is looking to acquire wearable technology company FitBit make some sense.
According to Reuters, the deal is currently being negotiated, and could still fall apart.
If it were to go through, it would give Google a strong position in the popular wearable technology space and the chance to compete directly with the popular Apple Watch.
It would also fit into Google’s growing hardware range.
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