Google parent Alphabet reaches record quarterly revenue

Shares in Google parent company Alphabet rose 3.3% in extended trading Tuesday (July 27) after its results.

The world's largest provider of search and video ads has seen profits surge as the health crisis drove more consumers to shop online.

Rival tech giants Apple and Microsoft also reported record earnings.

With consumers spending more time online retailers have been pushing to reach them there – whether they're shopping for products using Google search or watching videos on YouTube.

Alphabet said revenue from Google advertising rose nearly 70% to $50.44 billion during the second quarter that ended on June 30.

Retail brands were the biggest contributor to the ads business' growth, with travel, financial services and media and entertainment sectors also strong.

Ad revenue for the company's streaming video platform YouTube jumped 83.7% from the year-ago quarter to $7 billion - nearly as much as Netflix generated in quarterly revenue.

The strong results coincide with Alphabet facing four antitrust lawsuits brought by U.S. federal regulators or states.

They threaten to force major changes across its business including advertising and smart-home gadgets.

Earlier this month, 37 U.S. state and district attorneys general alleged Google "unlawfully" maintained a monopoly for its app store on Android phones.

The lawsuits are expected to take years to resolve.

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