Alphabet (Google) and Facebook boom as the ad business suffers
July 29, 2016
Alphabet, Google’s parent company, saw profits rise by 24% and revenue by 21%, driven by strong mobile advertising.
Revenues at Facebook were up 59%, helped by stonking sales of video and Instagram ads.
Where do these dollars come from? Out of the mouth of the traditional ad industry whose turn it is to be digitally disrupted.
Shares in both companies rose by 5% in late trading.
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