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Bloomberg

Google Business Booms at the reopening of Covid Marketing Blitz

(Bloomberg) – Google results, showing increased travel and retail advertising sales, offered insight into online spending in a post-pandemic world: Businesses are boosting digital marketing to capture eager audiences to resume something that looks like normal life again Google’s parent company Alphabet Inc. said first-quarter revenue, excluding payments to channel partners, was $ 45.6 billion dollars, tumbling Wall Street estimates. The company also unveiled a major new share buyback, pushing the stock up more than 4% in pre-market trading. Covid-19 restrictions have limited travel and movement in physical stores, two key areas of Google’s search activity. However, Alphabet shares are up more than 30% this year on optimism that vaccinations in the United States are reviving those businesses. The company is also pushing further in e-commerce, but still lags behind rival Amazon.com Inc. While most of the big tech companies have thrived during the pandemic, Alphabet’s performance has been patchy. YouTube ad revenue exploded as people were stuck at home looking to relieve boredom by watching videos online. Google’s cloud computing business has also grown rapidly due to high demand for internet services from remote workers. However, the online search engine overshadows these other operations and has suffered from a drop in commercial queries for things like flights and hotels. Now with more than a billion Covid-19 vaccines administered, according to Bloomberg’s vaccine tracking, consumers have started to venture into restaurants, stores, and even vacation destinations – and they often interact with Google’s services and ads before them. Ruth Porat, chief financial officer, said the results “reflect high online consumer activity and widespread revenue growth for advertisers.” In a conference call with analysts, Porat said it was not clear to what extent the recent change in consumer behavior would be “sustainable”, as it will depend on the global pace of the Covid-19 recovery. the shift in the share of other advertising channels, which alleviates concerns about Google’s strong penetration in the advertising market. buy back up to an additional $ 50 billion of its Class C share capital. Shares climbed 4.2% in extended trading, after closing at $ 2,290.98 in New York City earlier on Tuesday. That puts the stock on track for another record Wednesday and values ​​the company at over $ 1.5 trillion. government antitrust lawsuits targeting different parts of its US operations. He is also preparing to bring workers back to the office in September. Wall Street estimated $ 29.9 billion and YouTube ad revenue jumped 49% to $ 6 billion. Analysts were looking for $ 5.7 billion. YouTube Shorts, its competitor to TikTok, recorded 6.5 billion views per day in March, up from 3.5 billion at the end of 2020.The company’s cloud division, led by Thomas Kurian, is courting businesses and other large customers in the aim to conquer the market. The executives of Amazon.com Inc. and Microsoft Corp. Google Cloud revenues climbed to $ 4 billion, in line with Wall Street expectations. Executives said the Google Play Store, YouTube non-ad revenue, and consumer material were the main drivers of Google’s “Other” category growth. Alphabet’s other bets, such as autonomous vehicles and delivery drones, generated $ 198 million in revenue. This division lost $ 1.15 billion and Alphabet globally generated $ 17.9 billion in net income, or $ 26.29 per share, in the last quarter, compared to $ 6.8 billion, or 9, $ 87 per share, a year earlier. on stocks in the eighth paragraph.) For more articles like this, please visit us at bloomberg.com Subscribe now to stay ahead with the most trusted source of business news.