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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.
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October 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.