SAN FRANCISCO: Alphabet Inc shares rose 9 per cent after the company reported quarterly results that eased investors' concerns about the growth challenges facing its Google advertising business.
Alphabet generates about 85 per cent of its revenue from tools used in online advertising or the ad space itself. Alphabet’s quarterly costs at US$29.764 billion were about flat with the same period a year ago. Alphabet last year began spending more on hiring for its cloud computing division, acquiring and policing content, developing artificial intelligence capabilities and adding facilities.Net income for the second quarter rose to US$9.95 billion, or US$14.21 per share, from US$3.2 billion, or US$4.
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