Summary by Moomoo AI
Alphabet Inc., the parent company of Google, reported a robust financial performance for the quarter ended September 30, 2024. The company's consolidated revenues saw a significant increase of 15% year-over-year, reaching $88.3 billion, primarily driven by a 13% rise in Google Services revenues and a substantial 35% surge in Google Cloud revenues. Operating income experienced a notable jump of 34%, amounting to $28.5 billion, with the operating margin expanding by 4 percentage points to 32%. Net income also reflected a strong growth of 34%, resulting in $26.3 billion, while diluted earnings per share (EPS) increased by 37% to $2.12. The company's financial results were positively influenced by growth in user adoption and usage on mobile devices, increased advertiser spending, and improvements in ad formats and delivery. Google's advertising revenues...Show More