The brand logo of Alphabet Inc's Google is seen outside its office in Beijing, China, August 8, 2018. REUTERS/Thomas Peterquarterly revenue and profit surged to record highs, the company reported on Tuesday, powered by a rise in advertising spending as more consumers shopped online.
Overall, it was a stellar day for the big U.S. tech companies - Apple and Microsoft also reported record earnings. "Alphabet has benefited from the general return of ad spend to the market and especially the balance of that return, which is more focused on digital channels than pre-pandemic," said Tom Johnson, chief digital officer at WPP Mindshare.
Retail brands were the biggest contributor to the ads business' growth, said Philipp Schindler, Google's chief business officer, during a call with analysts. The travel, financial services and media and entertainment sectors were also strong, he added.
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