Additional insights have surfaced from Alphabet, Google’s parent company, in the latest quarter. While total revenue increased by 12% to $90.234 billion, net income saw a substantial 46% boost due to the recording of exceptional profits. Alphabet disclosed that the company had other income & expenses unrelated to its core activities totaling $11.183 billion in the past quarter, with unrealized gains from investments in an off-market company amounting to $8.0 billion. Although Alphabet did not explicitly name the company, insiders cited by Bloomberg suggest it to be SpaceX, Elon Musk’s space company, in which Google invested $1 billion alongside investment firm Fidelity since 2015. At that time, Google and Fidelity collectively held around 10% of SpaceX shares, which saw its business value rise to $350 billion last December from recent stock trades. Google’s representatives have declined to comment on this information.
TLDR: Alphabet, Google’s parent company, reported a revenue increase of 12% to $90.234 billion in the latest quarter, with net income soaring by 46% primarily due to exceptional profits. Insights also indicate Google’s investments in SpaceX alongside Fidelity, which have seen significant business value growth.
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