Alphabet Q3 Earnings Report

Investing.com — Alphabet reported its third-quarter results on Tuesday, surpassing Wall Street estimates as the search giant's advertising revenue increased, alleviating concerns about competition from artificial intelligence search products.

Alphabet Inc Class A (NASDAQ: GOOGL) saw a rise of more than 3% in after-hours trading following the news.

The company announced earnings of $2.12 per share on revenue of $88.27 billion, beating expectations of $1.84 per share and $86.37 billion in revenue.

This positive outcome was driven by growth in its core advertising business:
– Advertising revenue rose to $65.85 billion in Q3 from $59.65 billion in the same period last year.
– YouTube advertising revenue increased to $8.92 billion, up from $7.95 billion.

Additionally, Google Cloud revenue surged to $11.35 billion, compared to $8.41 billion in the previous year.