Google parent Alphabet posted $50.44 billion in sales from advertising, a 69% increase helped by a red-hot U.S. market where ad-spending is on track to be the fastest in the postwar era. YouTube’s ad business collected $7 billion in revenue, increasing 84% from a year earlier.
The expected results should deepen investor confidence that Alphabet emerged stronger after the Covid-19 pandemic accelerated e-commerce purchases, online food orders and streaming video consumption, analysts say. The burst in digital activity has led companies to pour marketing dollars into ads across Google search, Maps and YouTube, underscoring the pre-eminence of the company’s products.
Other tech companies have benefited from a soaring digital ad market. Snap Inc. last week reported revenue more than doubled behind strong user growth, while Twitter Inc. reported sales surged 74% behind increased advertising.
The uptick in digital ads should benefit Google and its peers through the rest of the year. GroupM recently raised its forecast for global advertising sales to $749 billion for the year, an increase of 19% from last year, up from its prior expectation for 12% growth.
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