By 2021, Google (Alphabet) and Facebook (now Meta) reached over $300 billion in revenues combined.
As Alphabet’s Google released its Q3 2021 financial results, below 2021 Q3 revenues vs. 2020 Q3 revenues:
In the Q3 press release Sundar Pichai, CEO of Alphabet and Google, said highlighted “Five years ago, I laid out our vision to become an AI-first company. This quarter’s results show how our investments there are enabling us to build more helpful products for people and our partners.” And he continued “ Ongoing improvements to Search, and the new Pixel 6, are great examples. And as the digital transformation and shift to hybrid work continue, our Cloud services are helping organizations collaborate and stay secure.”
For a bit of context. Google Search, YouTube Ads, and Google Network revenue kept growing at over $37.9, $7.2, and $7.9 respectively.
The most profitable segment continues to be Google Services (or the advertising network comprising Google Search and YouTube) While Google Cloud with the expanded user base during the pandemic is still running at a net loss.
In the current quarter, instead, Facebook’s users’ growth stalled in the US. It still showed incredible profitability in all its other products (Instagram primarily) and some interesting news related to Oculus, the metaverse, and the launch of the Facebook Smart Glasses (also called Rayban Stories), together with how Facebook is moving toward AR and therefore the metaverse!
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