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Tag: earnings

  • Google’s strong fourth quarter pushes Alphabet shares higher

    Google’s strong fourth quarter pushes Alphabet shares higher

    Google parent company Alphabet reported its fourth-quarter earnings this afternoon and during the three-month period the company recorded a record-breaking $56.9 billion in revenue. That was a gain of 31.7% from the $43.2 billion that Alphabet grossed during last year’s fourth quarter. It also topped Wall Street expectations of $52.7 billion in revenue.

    Advertising revenue was $46.2 billion during the quarter, up 22% on a year-over-year basis. Analysts were looking for Google to report $42.3 billion in advertising revenue for the fourth quarter. To generate that amount of business, Google had to spend $10.47 billion in traffic acquisition costs.

    Alphabet’s fourth-quarter profit rose from $9.3 billion last year to $15.7 billion for a 69% hike. Analysts were expecting the company to report a profit of $11.9 billion. According to Google finance chief Ruth Porat, YouTube and Search helped Google perform so well during the period. The executive said, “Consumer and business activity recovered from earlier in the year.” Revenue from YouTube ads rose in the fourth quarter to $6.89 billion from $4.72 billion during the same quarter the previous year for a strong 46% increase.

    Looking at the bottom line for the fourth quarter, Alphabet made $15.23 billion during the 2020 period compared to the $10.67 billion the company earned in 2019’s Q4. That resulted in a 42.7% gain in earnings. Earnings per Share (EPS) rose to $22.30 per share from $15.35 per share.

    Google continues to tend to its Money Tree. At the start of the fourth quarter, Alphabet had a cash position of $20.1 billion. By the end of the quarter, that figure was up to $26.5 billion. So using our fingers and toes, we can compute that Google’s parent added $6.4 billion in cash during the fourth quarter of the year. Still, it would appear that money seems to disappear in the cloud. For the first time ever, Alphabet released information related to its cloud unit; for the quarter that business took in $3.8 billion in revenue while reporting a loss of $1.2 billion.

    Wall Street was smitten with Alphabet’s report. Shares of Alphabet, which rose $26.16 or 1.38% to $1,927.51 during the regular trading session, soared 7.66% in after-hours trading after the earnings report was released. During the later trading period, Alphabet was changing.

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  • Deliveroo Riders Can Now Get Same-day Access to Earnings

    Deliveroo Riders Can Now Get Same-day Access to Earnings

    Deliveroo riders in Hong Kong can now get paid quicker as part of a new initiative being introduced by the company. The leading food delivery service has launched ‘Get Paid’, which allows riders to opt to receive their fees as early as the same day at the tap of a button, should they wish to.

    This new feature will help riders manage their finances, to access money in an emergency or simply if they need instant money. Whether it’s a student needing extra cash before their loan arrives, someone with a part-time job needing money to tie them over until their payslip arrives, or a parent needing funds to pay for an unexpected household bill, Get Paid will help ensure riders’ fees have access to their earnings when they need it most.

    Riders in Hong Kong currently receive their earnings on a bi-weekly basis, however they can now also choose to get these earnings more quickly. If they want, riders can get their earnings on the same day if requested by midday, or on the following day if requested after midday; rather than waiting. It is completely riders’ free choice whether they want to make use of this new service.

    This new feature reflects the changing world of work, with more and more people choosing flexible, on-demand ways of working to fit their lifestyle. Just as riders’ work is on-demand, many now also want to be able to access their earnings on-demand.

    This new option for riders cements Deliveroo’s commitment to offering flexible work and attractive earnings. Riders can not only login and logout where and when they want, they can now get paid when they want.

    Brian Lo, General Manager of Deliveroo Hong Kong, said, “Workforce today want flexible work that puts them in control of their hours and earnings, and Deliveroo is proud to continually innovate our offerings to deliver on these demands. ‘Get Paid’ empowers our outstanding fleet of riders, so they can enjoy more control over when and how they get paid. This is great news for riders and it’s an exciting step forward for Deliveroo in our ongoing push to offer the flexible, well-paid work riders want.”

    Since its global launch in March, 70% of Deliveroo’s riders have used Get Paid, and up to 25% of active riders on a given day are using it to access their pay. Deliveroo is also seeing riders Get Paid more than once a week, at an average of every four to five days, with Sundays being the biggest day.

    Mr. Leung, a 28 year-old Deliveroo rider in Hong Kong who is a part time rider and a full time car maintenance technician has tried the Get Paid feature, said, “Get Paid is a great option in case I need to access my pay earlier than expected. I appreciate that being a rider with Deliveroo means I get more choice and flexibility, which is essential for my busy lifestyle. I can decide when I want to work and access well-paid work on demand, and now thanks to Get Paid I can also access my earnings when I need them.”

    Get Paid emerges on the heels of other recent Deliveroo initiatives to support the needs of riders in Hong Kong and help them enjoy well-paid, secure, flexible work from Deliveroo which can be combined with other responsibilities such as studying. In 2018 Deliveroo launched a completely free, first-of-its-kind insurance package for all on-demand self-employed Deliveroo riders in Hong Kong and worldwide. This year, Deliveroo is providing over 150 riders in Hong Kong with access to 13 first aid training courses administered by the Hong Kong Red Cross, to equip them with life-saving skills which can benefit the riders and the Hong Kong community where they live and work.

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