Google’s parent company Alphabet just announced its Q3 2020 earnings with $42.6 billion USD (about $61.8 billion CAD) in revenue.
That colossal amount of money came in between July and September and includes the ongoing impact of COVID-19 on Alphabet’s business. Further, the revenue is up 14 percent from Q3 2019’s $40.5 billion USD (roughly $53 billion CAD). Alphabet posted $11.2 billion USD (about $15 billion CAD) in both operating income and net income.
For comparison, Alphabet reported $38.3 billion USD in revenue and $6.96 billion in net income last quarter. Unsurprisingly, this has caused the company’s stock to surge 9 percent in after-hours trading.
YouTube ad revenue accounted for $5.04 billion USD (roughly $6.7 billion CAD) while Alphabet’s Cloud division reported $3.44 billion USD (about $4.6 billion CAD) this quarter.
Meanwhile, Google’s other revenue streams, which includes hardware, the Play Store and non-advertising YouTube revenues, reported $5.48 billion USD (approximately $7.3 billion CAD).
Finally, the company’s ‘Other Bets’ section lost money. It generated $178 million USD ($238 million CAD) in revenue primarily from Verily and Fibre, up from $148 million USD last quarter. However, the Other Bets segment lost $1.1 billion USD ($1.5 billion CAD) compared to the $941 million USD ($1.3 billion CAD) it lost in Q3 2019.