Alphabet Revenue Jumps 15% to $88.3 Billion

Published On Oct 29, 2024, 4:26 PM

Alphabet (Google's parent company) reported impressive third-quarter earnings, with a 15% year-over-year revenue increase to $88.3 billion, surpassing analyst estimates. Profits rose 34% to $26.3 billion, also above expectations. The company continues to invest in AI and infrastructure despite regulatory challenges and increasing competition from firms like TikTok and Amazon. Notably, Google’s search revenue grew by 12%, while YouTube's ad sales matched analyst predictions. Cloud services saw a significant rise in both revenue and operating profit.

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Alphabet has demonstrated strong revenue growth and solid profit margins despite regulatory challenges and intense competition. The substantial investments into AI and infrastructure indicate a commitment to future growth. Given the robust earnings report and strong market reaction, Alphabet's stock may continue to perform well in the near term.

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