Google parent Alphabet reaches record quarterly revenue, profit in ad boom

Shares of Alphabet rose 5% in extended trading as it reported results that were a beat in financial metrics

Google parent Alphabet Inc.'s quarterly revenue and profit surged to record highs, the company reported on July 28, powered by a rise in advertising spending as more consumers shopped online. Shares of Alphabet rose 5% in extended trading as it reported results that were a beat in financial metrics. Shares of Facebook, Google's rival in web ad sales, which reports its own results, rose 1.3%. The digital ad market is booming, with consumers shifting to shopping largely online because of the coronavirus pandemic, leading companies to rely on data gathered from customers' orders and online activity to launch new products and know their market better.