Alphabet, the parent company of Google, reported strong third-quarter earningswith revenue and earnings beating analyst expectations. The results were driven by robust growth in Search and YouTube advertising, as well as momentum in the GoogleCloud business, as per the company. More importantly, this is the first time in four quarters that the company’s revenue growth was in double-digits — 11%.
Alphabet’s revenue for the quarter was $76.6 billion, up 11% from the prior-year quarter. As per the company, the net income was $19.7 billion, or $1.55 per share, up 46% from the prior-year quarter.
Google Search revenue, the company’s largest business, was $44 billion for the quarter, up 10% from the prior-year quarter. YouTube advertising revenue was $8 billion for the quarter, up 13% from the prior-year quarter.
Google Cloud revenue was $8.4 billion for the quarter, up 40% from the prior-year quarter. Google Cloud is the third-largest cloud computing platform in the world, behind Amazon Web Services and Microsoft Azure.
“The fundamental strength of our business was apparent again in Q3, with $77 billion in revenue, up 11% year over year, driven by meaningful growth in Search and YouTube, and momentum in Cloud,” said Ruth Porat, Alphabet’s CFO. “We continue to focus on judicious capital allocation to deliver sustainable financial value.”
“Our product momentum continued this quarter, as you saw with Cloud Next, Made on YouTube and Made by Google. It’s all part of our focus on making AI more helpful for everyone,” CEO Sundar Pichai said during the earnings call.
Alphabet’s revenue for the quarter was $76.6 billion, up 11% from the prior-year quarter. As per the company, the net income was $19.7 billion, or $1.55 per share, up 46% from the prior-year quarter.
Google Search revenue, the company’s largest business, was $44 billion for the quarter, up 10% from the prior-year quarter. YouTube advertising revenue was $8 billion for the quarter, up 13% from the prior-year quarter.
Google Cloud revenue was $8.4 billion for the quarter, up 40% from the prior-year quarter. Google Cloud is the third-largest cloud computing platform in the world, behind Amazon Web Services and Microsoft Azure.
“The fundamental strength of our business was apparent again in Q3, with $77 billion in revenue, up 11% year over year, driven by meaningful growth in Search and YouTube, and momentum in Cloud,” said Ruth Porat, Alphabet’s CFO. “We continue to focus on judicious capital allocation to deliver sustainable financial value.”
“Our product momentum continued this quarter, as you saw with Cloud Next, Made on YouTube and Made by Google. It’s all part of our focus on making AI more helpful for everyone,” CEO Sundar Pichai said during the earnings call.
Key numbers from Alphabet’s results
Most of Google’s divisions showed increase in revenue. Here are some of the key takeaways from Alphabet’s Q3 earnings report
- Revenue: $76.6 billion, up 11% year-over-year
- Net income: $19.7 billion, or $1.55 per share, up 46% year-over-year
- Google Search revenue: $44 billion, up 10% year-over-year
- YouTube advertising revenue: $8 billion, up 13% year-over-year
- Google Cloud revenue: $8.4 billion, up 40% year-over-year
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