Alphabet posts £7.27bn profit for the June quarter

Google’s parent firm Alphabet has posted a revenue of $39bn representing a year-over-year rise of about 19 per cent with a profit of over  £7.27bn ($9bn)  for the June quarter.

It also announced shares repurchase of around $25 billion  worth of stocks. Following the announcements the technology giant’s stock shot up nearly 9 per cent at the end of trading on Thursday.

Alphabet said advertisers were spending more on its search and YouTube services.

Sundar Pichai, Google’s CEO, said both its traditional services and new technology such as artificial intelligence were fuelling the firm’s growth. “ From improvements in core information products such as Search, Maps, and the Google Assistant to new breakthroughs in AI and our growing cloud and hardware offerings, I am incredibly excited by the momentum across Google’s businesses, “ he said. But the strong financial performance comes at the time when regulators are beginning to flex their muscles around the tech giants. The EU has imposed three fines on Google over the last two years over competition issues, totalling over $9bn.