Other areas of Google's business are also performing well, with YouTube ads generating $7.9 billion, a 12% increase from the previous year, and the cloud business revenues reaching $8.4 billion, a 22% increase from Q3 2022. However, the company has not yet announced a successor for CFO Ruth Porat, who is set to become Alphabet's president and chief investment officer. Google is also facing a major antitrust trial launched by the Department of Justice in September.
Key takeaways:
- Google's Search business, the company's main source of revenue, earned $44 billion, an 11 percent increase year over year, despite fierce competition and significant investment in AI.
- Google is experimenting with new ad formats for its AI-powered Search Generative Experience (SGE), with CEO Sundar Pichai emphasizing the importance of ensuring advertisers can reach potential customers in this new experience.
- Other parts of Google's business, including YouTube ads and its cloud business, are also performing well, with revenues of $7.9 billion and $8.4 billion respectively.
- There is uncertainty over who will succeed Ruth Porat as CFO of Alphabet, and potential changes to Alphabet's "Other Bets" investments, as suggested by Porat during the earnings call.