MOUNTAIN VIEW — Alphabet, the parent company of Google, reported revenues of $22.45 billion for the third quarter, an increase of 20% from the same period a year ago.
The company reported net income according to GAAP of $5.06 billion.
Shares in the company’s Class C shares were up just $0.02 cents for the day and closed at $795.37.
The Google division of Alphabet continues to generate nearly all of the company’s revenues with $22.25 billion. Alphabet’s other businesses called Other Bets, which include Nest and its experimental self-driving cars, had revenues of just $197 million in the quarter. The Other Bets segment had an operating loss of $865 million for the quarter.
Google generated $19.82 billion in the third quarter from advertising revenues, up 18% from last year. Google websites generated $16.08 billion in revenue while its network sites made up of Adsense affiliates had $3.73 billion in revenue.
The company said paid clicks on Google were up 33% from last year but the average cost-per-click was down 11%.
“We had a great third quarter, with 20% revenue growth year on year, and 23% on a constant currency basis. Mobile search and video are powering our core advertising business and we’re excited about the progress of newer businesses in Google and Other Bets,” said Ruth Porat, CFO of Alphabet.