Alphabet, the parent company of Google, exceeded expectations with its latest earnings report Tuesday.
The conglomerate reported $61.9 billion in revenue for Q2 2021, a 62% increase compared to the same period a year prior.
Alphabet — the fifth-most valuable company in the world with a market capitalization of $1.79 trillion — soared pass the Wall Street analyst estimates that forecasted closer to $56 billion.
Google continues to branch out and diversify by establishing a footprint in fitness and sports.
- Earlier this year, it completed its acquisition of Fitbit in a deal reportedly worth $2.1 billion. First announced in 2019, the deal was pending approval by the European Commission.
- It agreed to a three-year partnership in May with the WNBA and ESPN, joining Nike, Deloitte, and AT&T on an initiative focused on bringing viewers to women’s sports.
The strong quarter was driven by “elevated consumer online activity” and advertising revenue, which is rebounding after being hampered by the pandemic.
Total Google ad revenue reached $50.44 billion, up 69% year-over-year.