3 weeks ago
42 ARTICLE AD
Alphabet Inc., the parent company of Google, stated that its revenue grew 15 per cent year-over-year to reach $88.3bn for the third quarter ended September 30, 2024.
According to its financial results released on Tuesday, the increase in revenue was primarily driven by a 13 per cent rise in Google Services revenue, which totalled $76.5bn.
The search engine giant stated that strong contributions came from Google Search, subscriptions, platforms, devices, and advertising on YouTube.
In addition, Google Cloud revenues soared 35 per cent to $11.4bn, fueled by accelerated demand for Google Cloud Platform services, particularly in AI infrastructure and generative AI solutions.
Alphabet’s total operating income rose by 34 per cent, with the operating margin expanding by 4.5 percentage points to 32 per cent.
The company’s net income also increased by 34 per cent, resulting in earnings per share of $2.12, a 37 per cent rise compared to the same period last year.
The Chief Executive Officer Sundar Pichai said, “The momentum across the company is extraordinary. Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off, with consumers and partners benefiting from our AI tools.
“In Search, our new AI features are expanding what people can search for and how they search for it. In Cloud, our AI solutions are helping drive deeper product adoption with existing customers, attract new customers and win larger deals. And YouTube’s total ads and subscription revenues surpassed $50 billion over the past four quarters for the first time.
“We generated strong revenue growth in the quarter, and our ongoing efforts to improve efficiency helped deliver improved margins. I’m looking forward to driving more advances for consumers, customers and creators globally,” he stated.
