The Interactive Advertising Bureau released its annual report yesterday on the state of the digital ad market. The numbers looked stunning for Google and Facebook, not so rosy for everyone else. The two tech giants accounted for more than three-quarters of all the growth across the industry. And that momentum showed up today in Alphabet’s first quarter earnings.
Revenue at Google, which comes from things like search ads, display ads, and advertising on YouTube videos, came in at $24.75 billion, a 22 percent jump from the same period last year. Net profit was $5.42 billion, a 29 percent gain from the first quarter of 2016. The stock price climbed to new highs on the strength of this report, trading up about 3 percent after hours.
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