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Alphabet records 33 percent rise in profits for Q3 2017

Alphabet, the parent company of Google, Nest, Waymo and other companies, brought in $6.73 billion in profits for the quarter that ended on Sept. 30, 2017.

Published onOctober 26, 2017

Google’s parent company, Alphabet, had yet another highly successful financial report. For the third quarter of 2017 that ended on September 30, it recorded a net income amount of $6.73 billion,  a 33 percent increase compared to the same quarter in 2016, when it recorded $5.1 billion in net income. Revenues for the quarter came in at $27.77 billion, up 24 percent compared to the $22.5 billion amount from the same period a year ago.

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As you might expect, the majority of the revenues comes from Alphabet’s Google division. It brought it $27.47 billion for the third quarter of 2017 and an operating income of $8.7 billion. All of Alphabet’s other businesses, which include Google Fiber, its Waymo self-driving car team, Nest and others, brought in just $307 million in revenue during the quarter. They are listed under the “Other Bets” section of Alphabet’s financial results. That revenue number is way up compared to $197 million it recorded in 2016. However, the “Other Bets” businesses still lost $812 million during the third quarter of 2017, which is only slightly better than the $861 million that it lost a year ago.

Alphabet also broke down Google’s own revenues for the quarter, revealing that it generated a total of $24.065 billion in revenues in ads from its websites and from its Network Members websites, which is much higher than the $19.821 billion that division generated a year ago. Revenues from Google’s other businesses, which include its various hardware products like its Pixel phones, Google Home and others, along with money from the Google Play Store, totaled $3.405 billion for the quarter, which is up compared to the $2.4 billion from that segment a year ago.

Alphabet’s employee head count also went up. The company now has a total of 78,100 employees, up from 69,953 from a year ago. The final results beat previous predictions by financial analysts, and caused Alphabet’s stock to go up over 3 percent in after-hours trading.