Alphabet Q3 2024 Earnings: Alphabet Stock Up as Google Posts Record Profits and Sales
Alphabet’s third quarter revenue increased by 15% Year-over-Year (YoY) to $88.3 billion, marking stronger growth compared to the same quarter last year.
On segmentak basis, the company reported cloud revenue of $11.35 billion, an approximately 35% increase from $8.41 billion in the previous year. This strong performance was attributed to its AI offerings, including enterprise customer subscriptions.
Google Services revenue grew by 13% to reach $76.5 billion, driven by strong performance in Google Search, subscriptions, platforms, devices, and YouTube advertising.
Google’s search business brought in $49.4 billion in revenue, marking a 12.3% increase from the previous year. Alphabet’s Chief Financial Officer, Anat Ashkenazi, noted on the call that search remains the largest driver of the company’s revenue growth.
Alphabet reported advertising revenue of $65.85 billion, up from $59.65 billion a year earlier. This indicates ongoing growth in Google’s advertising business, though at a slower rate compared to the second quarter.
Alphabet's net income rose to $26.3 billion, or $2.12 per share, up from $19.7 billion, or $1.55 per share, in the same quarter last year.
On 29th October 2024, Alphabet’s shares climbed by up to 6% in after-hours trading.
Sources:
Alphabet
CNBC
Forbes
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