Alphabet's Q3 Revenue Hits $88.27B, EPS $2.12, Driven by 35% Cloud Growth

Oct 29, 2024, 08:11 PM

Alphabet Inc., the parent company of Google, reported third-quarter earnings that surpassed analysts' expectations, driven by strong growth in its cloud computing and advertising divisions. The company posted earnings per share of $2.12, up 37%, exceeding the estimated $1.84. Revenue increased 15% year-over-year to $88.27 billion, surpassing the forecasted $86.3 billion. Operating margin improved to 32%. Google Services revenue rose 13% to $76.5 billion, while Google Cloud revenue grew by 35% to $11.35 billion, outperforming projections of $10.79 billion. Google Advertising revenue increased 10.4% to $65.85 billion, and YouTube ad revenue rose 12.2% to $8.92 billion, contributing to the company's overall performance. Notably, YouTube's total ads and subscription revenues surpassed $50 billion over the past four quarters. Net income reached $26.3 billion, up 34% from the previous year. The strong results reflect Alphabet's successful investments in artificial intelligence and its expanding cloud services.