Google revenues grow 26% in Q2 to $32.7 bn; ad revenues up $28.08 bn

Alphabet Inc., the parent company of Google, has reported a 26 per cent growth in its revenues $32.7 billion for the second quarter of 2018, as against Q2 of 2017. 

The revenue growth is seen despite a fine of $5.07 billion levied on Google by the European Commission as it decided that certain contractual provisions in agreements between Google and Android partners infringed European competition law. The EC fines are included in reconciling items for the three months ended June 30, 2017 and June 30, 2018, respectively, as they are not allocated to Google for segment reporting purposes. 

Commenting on the company’s financial performance, Ruth Porat, CFO of Alphabet and Google, said, “We delivered another quarter of very strong performance, with revenues of $32.7 billion, up 26 per cent versus the second quarter of 2017 and 23 per cent on a constant currency basis. Our investments are driving great experiences for users, strong results for advertisers, and new business opportunities for Google and Alphabet.” 

However, net income, including the EC fines, stood at $3.19 billion in Q2 2018, a tad lower than $3.5 billion reported in Q2 2017. 

On the other hand, Google’s advertising revenues saw growth in Q2 2018 at $28.08 billion, as against $22.67 billion reported in Q2 2017.

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