California, Oct. 29 -- Alphabet reported a 25 per cent year-on-year increase in revenue to USD 127.6 billion in the September quarter, driven by strong growth in Google Cloud and Search, as the technology major said its annual revenue run rate had reached half a trillion dollars.

The company recorded its 13th consecutive quarter of double-digit revenue growth, according to its earnings release. Operating income rose 30 per cent to USD 40.6 billion, while operating margin stood at 31.8 per cent.

However, net income available to common stockholders declined to USD 26.2 billion from USD 35 billion a year earlier, while diluted earnings per share fell to USD 2.12 from USD 2.87. The results were affected by a USD 8.7 billion loss on equity s...