Google parent Alphabet Inc. rang up record profits for a third straight quarter during the pandemic, catapulting shares 4% to a 52-week high in after-hours trading Tuesday.
Analysts surveyed by FactSet had estimated net income of $15.76 a share, on ex-TAC revenue of $51.5 billion. Traffic-acquisition costs were estimated at $9.1 billion, which would give Alphabet revenue of $42.4 billion when extracted. Search was the big breadwinner, again, with $31.9 billion in sales, compared with $24.5 billion in the same quarter a year ago. YouTube ad sales jumped 49% year-over-year to $6 billion.
Google’s latest strong quarter belies antitrust suits it faces from the Department of Justice and two groups of state attorneys general over its search business. More important, a growing number of developers are sharing stories they say illustrate Google’s bullying behavior.