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Alphabet's Google posts record sales as retailers shell out for ads

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Google parent Alphabet Inc on Tuesday topped quarterly sales expectations for its advertising and Cloud businesses, helped in part by the pandemic, and said it will resume big spending on hiring and f

acility construction.Google, which generates more revenue from internet advertising than any other company, benefited from lockdowns that drove retail and other clients online, helping offset cutbacks by travel and entertainment advertisers.

Alphabet's 2020 sales growth of 13 percent was the slowest increase since 2009 when it posted 8.5 percent growth. Still, matched with spending cuts, Alphabet increased its cash hoard by $17 billion in 2020 to $137 billion. Google has long faced questions over whether it can spin the cash from its advertising business into a newly profitable venture. Pichai acknowledged that reaching that goal may take some time.

Cloud sales, also benefiting from the pandemic, were $3.83 billion, or $13.1 billion for the full year, up 46 percent from 2019. Rising costs, increased competition and a line of regulatory battles are among big concerns for Alphabet investors.

 

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