Parent Google
Alphabet reported its third quarter results today and Google search revenue grew 11.3% on an annual basis to $44.03 billion. YouTube ad revenue beat estimates with a 12.5% year-over-year gain to $7.95 billion. Sundar Pichai, CEO of Alphabet and
Google, noted that daily views of YouTube Shorts, the vertical videos that compete with TikTok, reached 70 billion during the quarter, up from 50 billion in the third quarter of last year .
Google’s overall ad revenue during the quarter was $59.65 billion, up 9.5% from the $54.48 billion reported for the same quarter a year ago. Other revenue, which would likely include Google Pixel devices, rose 20% year over year to $8.34 billion, up from $6.9 billion last year. Despite revenue rising 22.5% in the third quarter, Google’s cloud services fell short of Wall Street’s expectations of $8.64 billion in revenue, with the unit having a turnover of 8.41 billion dollars.
Google’s costs for acquiring its traffic increased 6.8%, from $11.83 billion to $12.64 billion. Total revenue for the quarter was $76.7 billion, compared to the $69.1 billion the company took in in the third quarter of 2022, a gain of 11%. Net income increased 42% to $19.69 billion from $13.91 billion, and diluted earnings per share were $1.55, up from $1.06 announced in the third quarter of last year and at the $1.45 forecast by Wall Street analysts.
Google shares are up 56% for the year, not including after-hours decline
The job cuts at Google were reflected in the number of employees which decreased by 2.4% year-on-year, from 186,779 employees in the third quarter of last year to 182,381. CEO Pichai commented the quarter, saying: “I am pleased with our financial results and product momentum this quarter, with AI-driven innovations in search, YouTube, the cloud, our Pixel devices and more. We continue to focus on making AI more useful to everyone; there are
exciting advances and more to come.”
price of the lion on TiktokRuth Porat, who is moving from the CFO role she has held for the past eight years to become CIO, said: “The fundamental strength of our business was
This was evident again in the third quarter, with revenue of $77 billion, up 11% year-over-year, driven by significant growth in search and YouTube, and cloud momentum. . We continue to focus on wise capital allocation to generate sustainable financial value. »
The $20 million shortfall in cloud services revenue hit Wall Street hard, with Alphabet shares falling $8.50, or 6.07%, to $131.62 in after-hours trading. opening. Shares had ended the regular trading session at $140.12, up $2.22 or 1.61%.
