Alphabet topped third-quarter revenue expectations on Tuesday, helped by steady growth in its digital advertising business and an AI-driven jump in demand for its cloud services. Shares of the company rose more than 3% in extended trading. CEO Sundar Pichai said investments in AI were "paying off" through use and sales in its Search and Cloud businesses. YouTube revenue surpassed $50 billion over the past four quarters, he said. Ad sales for the video streaming service rose 12% to $8.92 billion. Digital advertising sales - the biggest chunk of Alphabet's total revenue - rose to $65.85 billion from $59.65 billion. Revenue from Google's cloud platform grew to $11.35 billion, beating analysts' estimate of $10.86 billion. Alphabet reported a profit of $2.12 per share. Analysts were expecting per-share earnings of $1.85.
First published: 22:22, 10.29.24