SAN JOSE (California): Google’s advertising business continues to run strong, but growth in its cloud business last quarter disappointed investors, reported dpa news.
Shares of Google’s parent Alphabet lost more than 4 per cent at times in after-hours trading on Tuesday.
Alphabet’s third-quarter revenue rose 11 per cent to about US$76.7 billion. This exceeded analysts’ forecasts.
In the cloud business, revenues of around US$8.4 billion missed market expectations, despite a jump of about 22 per cent. Google’s advertising business grew 9.4 per cent to US$59.65 billion.
Alphabet’s quarterly profit, meanwhile, jumped by more than 40 per cent year-on-year to just under US$19.7 billion.
A change in depreciation on servers and network technology also contributed to this with around US$760 million. – BERNAMA-dpa
