Google HQ Image: Google

Google's new parent company, Alphabet, has reported a 50% rise in profits for the third quarter.

Profits during the three month period were $3.98 billion, up from $2.74bn in the same period last year. Google's revenue rose to $18.7bn (£12.1bn) in the quarter, compared with $16.5bn last year.

The majority of Google and Alphabet's growth came from a rise in mobile searches and YouTube users. Alphabet shares rose 11% to a record-high of $722.53 each.

In January, Alphabet will publish Google's financial results separately from the rest of its businesses. It is likely to show how much money Google would have made if profits were not diverted into chief executive Larry Page's "moon shots".

Earlier this week, YouTube announced plans for an ad-free monthly subscription service to compete against the like of Netflix and Amazon Prime.