For the second quarter in a row, Google has once again raked in more money than ever before. As the COVID-19 pandemic continues to plague the world, Alphabet’s 2021 Q3 earnings demonstrate an all-time record of $65.1 billion.
The growth that Google is seeing in 2021 is exponential. Take a look at Google’s revenue in Q3 mapped over the past 13 years:
According to Alphabet, revenue rose 51% to $65.12 million – its largest in over 13 years. The company posted a profit of $21.03 billion; almost three times more than what it reported prior to the pandemic.
The Red-Hot Digital Ad Market
As smaller businesses poured money into digital ads, Google, who has a dominant share of world-wide internet searches, online video viewership and digital navigation, tallied its highest sales growth in more than a decade.
There’s no doubt that the pandemic has supercharged Google’s advertising business, but to what extent wasn’t known up until now. With many stores experiencing dwindling foot traffic, advertisers turned to Google to promote their products and services.
Google’s ad business posted $52.13 billion in sales from advertising – a 43% increase. A fair amount of the company’s growth came from digital advertisers keen to reach customers whose product searches begin online. Earlier this year, the company joined forces with Shopify to aid in the simplification of search listings and ad purchases for 1.7 million merchants. This simple effort has helped turn retail ads into Google’s largest growth contributor.
Another major driver of Google’s advertising gains has been YouTube, who reported that sales grew 43% to $7.21 billion in the quarter.
