For Q3 2023, Google reported a revenue of $76.69 billion, an 11% YoY growth, with the advertising business accounting for $59.65 billion. Despite attempts to diversify, the majority of Google's revenue still comes from ads. The company also reported that people are watching over 70 billion Shorts every day, and it plans to make its video reach campaigns, including Shorts, generally available in November.
Key takeaways:
- Google is developing new ad formats for its AI-powered search experience, with plans to experiment with a native ad format customized to every step of the search journey.
- Google's AI-powered search experience was introduced in May and has since been expanded to users in the U.S., Japan, and India.
- Google's Q3 2023 revenue was $76.69 billion, with the advertising business accounting for $59.65 billion and Cloud bringing in $8.41 billion.
- Google is making its video reach campaigns to distribute ads across formats, including Shorts, generally available in November.