Alphabet's Financial Results Exceed Expectations
Google's parent company, Alphabet (GOOGL), has reported its third-quarter financial results, surpassing Wall Street estimates. The growth is attributed to a 34% increase in its cloud computing unit.
The company announced earnings per share (EPS) of $3.10 U.S., exceeding the estimated $2.33 U.S. The total revenue for the July-September period was $102.35 billion U.S., beating the consensus estimate of $99.89 billion U.S.
- YouTube advertising revenue: $10.26 billion U.S. (estimated $10.01 billion U.S.)
- Google Cloud revenue: $15.15 billion U.S. (estimated $14.74 billion U.S.)
Management noted strong 34% year-over-year growth in the cloud business, driven by rising demand for artificial intelligence (A.I.).
In August, Alphabet secured a $10 billion U.S. deal, further solidifying its position.
Author's summary: Alphabet's Q3 financial results beat estimates, driven by cloud growth.
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