Alphabet Announces Third Quarter 2016 Results

29 October 2016, USA :

Alphabet Inc. today announced financial results for the quarter ended September 30, 2016.

“We had a great third quarter, with 20% revenue growth year on year, and 23% 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,” said Ruth Porat, CFO of Alphabet. Strength in advertising on mobile devices and videos fueled yet another solid quarter for Alphabet that topped Wall Street estimates.

“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,” Porat said in a statement.

“As we reach for moonshots that will have a big impact in the longer term, it’s inevitable that there will be course corrections along the way, and that some efforts will be more successful than others,” Porat said. “Over the past year, for example, you’ve seen us make progress and accelerate our efforts in some areas, while re-positioning or taking a pause in others. We are taking the steps necessary to lay the foundation for a stronger future.” (Source- Alphabet, CNBC / Image- Business Insider)