Google’s parent company, Alphabet, has posted annual revenues of $111bn for 2017, up 23 per cent year-on-year, new unaudited figures show.
The company’s fourth quarter performance was its highest ever revenue quarter at $32bn, with Google advertising income making up $27bn (84 per cent).
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It made a year-on-year increase of 43 per cent for aggregate-per-click advertising.
Cost-per-click revenues were down 14 per cent year-on- year, a trend that Alphabet attributed to the shift to mobile, where the majority of advertising money is spent.
Ruth Porat, chief finance officer of Alphabet said: “Our full year operating income growth continues to underscore our core strength, and on top of this, we continue to make substantial investments for the long-term in exciting new businesses.”
By 2020 Google and Facebook are expected to take 71 per cent of all the money spent in the UK on digital advertising, according to a report by analysts OC&C.
Social media companies were urged last December to accelerate efforts to tackle hate crime after facing tough questions from MPs over their handling of online abuse.