MOUNTAIN VIEW – Alphabet Inc., parent company of Google, released financial results for the quarter ended September 30, 2018.
The company reported revenues of $33.7 billion for the third quarter, a 21% increase from a year ago, and net income of $9.19 billion.
The stock market drove Alphabet shares down as it expected higher revenues. Shares were down over 5% in Friday trading.
“Our business continues to have strong momentum globally, led by mobile search and our many products that help billions of people every day,” said Ruth Porat, Chief Financial Officer of Alphabet and Google. “Alphabet revenues were $33.7 billion, up 21% versus the third quarter of 2017, and we remain focused on delivering on the opportunities we see.”
Google advertising made up $28.9 billion of total revenues.
The company said it has over $106 billion in cash and securities available.
Alphabet now has a total of 94,372 employees, up from 78,101 a year ago.