Alphabet Surpasses Q3 Earnings Expectations

Alphabet Inc., Google's parent company, reported impressive third-quarter 2024 earnings, surpassing Wall Street expectations with a 15% revenue growth to $88.3 billion, driven largely by Google Services and a 35% surge in cloud revenue. YouTube's ad and subscription revenues hit a milestone of $50 billion, contributing significantly to these results. The company's net income rose by 34% to $26 billion, with earnings per share increasing by 37% to $2.12. This strong performance was attributed to Alphabet's strategic focus on AI and innovation, which has improved product adoption and attracted new customers. Despite facing competition from Microsoft and Amazon in the cloud sector, Alphabet's AI advancements continue to bolster its market position. Alphabet's stock has increased by 19.4% this year, reflecting investor confidence in its growth trajectory.