Total profits reached nearly $18 billion, up 162% from a year earlier. Alphabet posted its highest quarterly profit in more than a decade as advertising revenue plummeted as a coronavirus crippled the global economy. Brands responded by shifting ad spending from print, television and in-store promotions to looking for customers in the Google universe.
Samsung’s share price closed at a new record high of $1,000, more than 20% higher than a year earlier, and profit doubled, while shares and earnings far exceeded analysts’ expectations.
However, the company expects mobile profits to slump in the third quarter as S8 sales decline and marketing costs rise. Mobile chief Koh Dong-jin said this month that the new Galaxy Note 8, released in April, is “beyond” its predecessor, but midsize and lower-class models take a larger share of total deliveries. Samsung Electronics Co., the world’s second-largest smartphone maker, reported a milder-than-expected 4.7 percent drop in profit, slightly below the decline forecast in early July. The Galaxy Note 8 was unveiled in New York on August 23 as the company’s first new flagship smartphone since the Galaxy S7 Edge in 2015.
The company saw a 30% increase in sales of its signature products, including search, Gmail and maps, reflecting the way brands spend to reach people online. Alphabet posted a 4.7 per cent drop in first-quarter profits as advertising revenue slumped after the global economy was crippled by coronavirus.
T tolls, known as the cost of acquiring traffic, rose 30% year-on-year to $9.71 billion in the first quarter. Total profit reached nearly $18 billion, up 162 percent from a year earlier. Microsoft Corp. The company has snapped up a bevy of billion-dollar deals in recent months, boosting revenue across all divisions by 46% to about $4.05 billion for the quarter.
The company also attracts new customers by packaging its offerings in various advertising formats such as search, video and social media. Last year, the Justice Department and a separate coalition of states filed an antitrust lawsuit alleging that the company had entered into a secret deal to benefit its search engine and advertising business. The case could force Google to spin off parts of its business or hand over its search position to rivals.
Last year, the Justice Department and a separate coalition of states filed an antitrust lawsuit alleging that the company had entered into a secret agreement that favored its search engine and advertising business. Antitrust lawsuits have also been filed by the Federal Trade Commission and the US Department of Justice. The case could force Google to spin off parts of its business or hand over its search position to rivals.
Last year, the Justice Department and a separate coalition of states filed an antitrust lawsuit alleging that the company had entered into a secret agreement that favored its search engine and advertising business. The case could force Google to spin off parts of its business or hand over its search position to rivals. In addition, Epic Games Inc. has filed an antitrust lawsuit in the U.S. District Court for the District of Columbia against Google and its parent company Alphabet Inc.
Google, which has benefited from a broad wave of online ad growth that is sweeping the economy, has positioned itself as a global leader in digital ads. In addition, Epic Games Inc. has filed an antitrust lawsuit against Google and its parent company Alphabet Inc. in the U.S. District Court for the District of Columbia against its search engine and advertising business.
The company’s market share in search fell to 57% from 61% a year earlier, while rival Amazon.com Inc. increased its share from 19% to 13% over the same period. The digital spending spurt has helped Google continue to grow its revenue, even as Google’s share of the US online advertising market has declined. While Verizon Communications Inc reported a 26% increase in ad sales, smaller rival Snap Inc reported a 14% increase in advertising to $1.1 billion, or about $2.2 billion.
Samsung’s share price closed down 3.5%, or about $1.4 billion, on Wednesday after the company’s earnings report, according to Thomson Reuters data.
However, the company expects mobile profits to fall in the third quarter due to the S8 sales trajectory, and midsize and subclass models will account for a larger share of total shipments. The Galaxy Note 8, the company’s newest flagship smartphone, was unveiled in New York on August 23 and launched in April. It reported a slightly – more than expected – 4.7 per cent drop in profits, slightly less than the forecast in early July. Mobile chief Koh Dong-jin said this month that the Galaxy S7 and S6 Edge models, both released in April, were “like no other,” but marketing costs had risen and the middle- to lower-tier models had taken the bigger share of the total shipment.
