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Google’s Parent Company Announces Profit for Third Quarter – Plans to Repurchase More Than $5 Billion Shares
Don’t let the name fool you, Alphabet has a lot of numbers.
And, as financial figures for Google’s parent company shows, those numbers are pretty impressive. Alphabet Inc., the company that owns and operates Google, released its third quarter figures Thursday showing revenues of $18.7 billion and revenue growth of 13 percent year over year.
“Our Q3 results show the strength of Google’s business, particularly in mobile search. With six products now having more than 1 billion users globally, we’re excited about the opportunities ahead of Google, and across Alphabet,” Ruth Porat, CFO of Alphabet and Google, stated in a company press release.
The figures can be traced to a number of things including strong sales in advertising and keeping the company’s spending habits under control. In addition, the company announced plans to repurchase $5.1 billion of its shares.
That, Neil Doshi, an analyst at Mizuho Securities USA Inc. told The Wall Street Journal, speaks to the company’s financial strength and success.
“The buyback is a definite positive and shows that management is maturing and becoming more shareholder friendly,” he said. “It’s sitting on more than $70 billion of cash and can probably weather any storm at this point.”
Alphabet, reported Financial Post, posted third-quarter net income of US $2.74 billion, down from the US $3.98 billion one year ago.
Shares, with the positive news, jumped to US $740 in extended trading and stocks increased 1.4 percent to a total of US $681.14.
W. Brice McVicar is a staff writer for SiteProNews.
The post Google’s Parent Company Announces Profit for Third Quarter appeared first on SiteProNews.
Source: http://www.sitepronews.com/2015/10/23/googles-parent-company-announces-profit-for-third-quarter/
