The Indian-born Sundar Pichai was appointed the CEO of Google in October 2015 when Alphabet was created and in addition to the company’s day-to-day operations has also been responsible for Google’s product development and technology strategy.
He joined Google in 2004 and helped lead the development of key consumer products which are now used by over a billion people. In 2014, Pichai took over product, engineering and research efforts for all of Google’s products and platforms.
“Sundar has been doing a great job as Google’s CEO, driving strong growth, partnerships and tremendous product innovation. I really enjoy working with him and I’m excited that he is joining the Alphabet board,” said Larry Page, CEO of Alphabet, in a statement.
Alphabet also posted profits last financial year, though they were hit by a massive fine imposed by the European Commission for breaching anti-trust laws.
The company was found guilty of presenting biased search results which favoured its own shopping comparison service.
Google posted $26billion in revenue in the second quarter of 2017 with a net income of $3.5 billion.
“With revenues of $26 billion, up 21 per cent versus the second quarter of 2016, we’re delivering strong growth with great underlying momentum, while continuing to make focused investments in new revenue streams,” said Ruth Porat, Chief Financial Officer of Alphabet.
This rise in their profits even though they accrued a heavy fine is mainly being credited to its advertising, cloud business, Google Play as well as YouTube which has seen a strong revenue growth.
According to Google CEO Sundar Pichai, 1.5 billion people visit YouTube each month, with each spending an average of 60 minutes a day watching its videos.
“YouTube is scaling really well globally. Just like search did. We believe we have a compelling runway here. Our revenue growth and Alphabet structure give us both the opportunity and confidence to invest in our businesses for the long-term,” Pichai said during a call to discuss earnings with analysts.