Alphabet posts robust income, revenue growth in Q3
Date
10/31/2024 8:00:25 AM
(MENAFN) Alphabet reported robust income and revenue growth in the third quarter, as indicated in its financial results statement released late Tuesday. For the quarter ending on September 30, Google's parent company achieved revenues of USD88.3 billion, reflecting a significant increase of 15.1 percent compared to approximately USD76.7 billion during the same period in 2023. Additionally, net income surged by 33.5 percent, reaching nearly USD26.3 billion, up from around USD19.7 billion in the previous year.
CEO Sundar Pichai expressed enthusiasm about the company's performance, stating, "The momentum across the company is extraordinary." He emphasized that Alphabet's commitment to innovation and its long-term investments in artificial intelligence (AI) are yielding positive results, benefiting both consumers and partners who utilize the company's AI tools. The impressive financial performance highlights Alphabet's strong position in the tech industry.
Google Cloud also showcased remarkable growth, with revenue soaring by 34.5 percent to over USD11.3 billion, up from USD8.4 billion year-on-year. Pichai noted that AI solutions within the Cloud division are facilitating greater product adoption among existing customers, attracting new clients, and securing larger deals. Furthermore, YouTube achieved a milestone, with total ad and subscription revenues exceeding USD50 billion over the past four quarters for the first time.
In light of these positive results, Alphabet's stock price experienced a boost of 6.7 percent in pre-market trading on the Nasdaq on Wednesday, reflecting investor confidence in the company's strong performance and future growth prospects.
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