Google’s parent Alphabet posts strong results
Google's parent company Alphabet posted a strong set of results for the third quarter, with revenue up by 20.2 per cent to $22.45bn (£18.46bn).
Shares in Alphabet increased 1.6 per cent in after-hours trading.
Google's advertising revenue, which makes up the largest chunk of its overall revenue, jumped 18.1 per cent to $19.82bn in the quarter.
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Alphabet said it would be embarking on a share buyback of $7bn, following on from an earlier buyback of £5bn.
The "Other Bets" business brought in revenue of $197m, up by 40 per cent. Other Bets includes Google Fiber and the Nest smarthome arm of the company.
Ruth Porat, chief financial officer of Alphabet, said: “We had a great third quarter, with 20 per cent revenue growth year on year, and 23 per cent on a constant currency basis. Mobile search and video are powering our core advertising business and we’re excited about the progress of newer businesses in Google and Other Bets."