Business Booming For Google's Parent Company Alphabet
SAN FRANCISCO (AP) -- Business is booming at Google's parent company, Alphabet, even as it loses billions of dollars on kooky-sounding projects that may never produce any revenue.
Powered by Google's dominant search engine, Alphabet earned $4.9 billion during the April-June period, a 24 percent increase from the same time last year. After subtracting ad commissions,
Alphabet's revenue climbed 22 percent from last year to $17.5 billion.
Both the profit and net revenue topped analyst estimates. Alphabet's stock surged 4 percent to $797.85 in extended trading after the numbers came out.
Alphabet would have made even more money if not for its commitment to exploring far-out ideas in its "X" lab and other risky ventures known as "Other Bets."
That segment suffered an $859 million loss in the second quarter.
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