Alphabet's overall net profit for the July-September period was $19.69 billion, up from $13.91 billion a year earlier. The company's Q3 revenue was $76.69 billion, slightly above estimates of $75.97 billion. Advertising revenue also increased to $59.65 billion from $54.48 billion a year earlier, surpassing average analyst expectations of $59.12 billion. Despite slower growth in the cloud unit, Alphabet is committed to investing in AI and finding ways to operate more efficiently.
Key takeaways:
- Alphabet Inc's Google Cloud reported a slower growth of 22.5% in its third quarter revenue, which was less than Wall Street estimates.
- The company is focusing on making Artificial Intelligence (AI) more helpful for everyone and is committed to leading in AI models and infrastructure.
- Google Cloud's third-quarter revenue rose to $8.41 billion with an operating income of $266 million, compared to an operating loss of $440 million a year ago.
- Overall, Alphabet reported a net profit of $19.69 billion for the July-September period, with a revenue of $76.69 billion, and ad revenue of $59.65 billion.