Technology giant Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) reported third-quarter financial results after the market close Tuesday.
Here are the key highlights.
What Happened: Alphabet reported third-quarter revenue of $88.27 billion, up 15% year-over-year. The total beat a Street consensus estimate of $86.31 billion, according to data from Benzinga Pro.
The company reported third-quarter earnings per share of $2.12, which beat a Street consensus estimate of $1.84.
Revenue was broken down as follows in the third quarter, with the prior year's total in parentheses:
- Google Search: $49.4 billion ($44 billion)
- YouTube ads: $8.9 billion ($8 billion)
- Google Network: $7.5 billion ($7.7 billion)
- Total Google Advertising: $65.9 billion ($59.6 billion)
The company also reported Google subscribers, platform and devices revenue of $10.7 billion, up from $8.3 billion in the prior year and Google Cloud revenue of $11.4 billion, up from $8.45 billion in the third quarter of the prior year.
Google Cloud revenues were up 35% year-over-year in the quarter, with the company highlighting continued growth from artificial intelligence.
Read Also: Alphabet Q3 Earnings Preview: Antitrust Probe, 2024 Election, Streak Of Revenue Beats And More For Investors To Watch
"The momentum across the company is extraordinary," Alphabet CEO Sundar Pichai said. "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."
Pichai said AI features are expanding what people search for and how they search for it.
The company is winning larger deals and attracting new customers thanks to its AI solutions in cloud, the CEO said.
YouTube passed $50 billion in total ads and subscription revenues over the last four quarters for the first time, he said.
"I'm looking forward to driving more advances for consumers, customers and creators globally."
GOOG Price Action: Alphabet Class C stock is up 3.38% to $176.93 in after-hours trading Tuesday versus a 52-week trading range of $123.88 to $193.30.
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