Technology giant Alphabet Inc (NASDAQ:GOOG)(NASDAQ:GOOGL) reported third quarter financial results after market close Tuesday.
Here are the key highlights.
What Happened: Alphabet reported third quarter revenue of $76.69 billion, which was up 11% year-over-year. The revenue total beat a Street consensus estimate of $75.94 billion, according to data from Benzinga Pro.
The company reported third quarter earnings per share of $1.55, which beat an estimate of $1.45 from analysts.
Here’s a look at how the company’s segments performed in the third quarter, compared to the previous year, in parentheses.
- Google Search: $44.0 billion ($39.5 billion)
- YouTube Ads: $8.0 billion ($7.1 billion)
- Google Network: $7.7 billion ($7.9 billion)
- Total Google Advertising: $59.6 billion ($54.5 billion)
- Google Other: $8.3 billion ($6.9 billion)
- Total Google Services: $68.0 billion ($61.4 billion)
- Google Cloud: $8.4 billion ($6.9 billion)
- Other Bets: $0.3 billion ($0.2 billion)
“I’m pleased with our financial results and our product momentum this quarter, with AI driven innovations across Search, YouTube, Cloud, our pixel devices and more,” Alphabet CEO Sundar Pichai said.
Chief Financial Officer Ruth Porat highlighted the company’s strength being proven once again in the third quarter.
“The fundamental strength of our business was apparent again in Q3, with $77 billion in revenue, up 11% year-over-year, driven by meaningful growth in Search and YouTube, and momentum in Cloud,” Porat said.
Related Link: Trading Strategies For Alphabet Stock After Q3 Earnings
What’s Next: The company also provided an update on its efforts on workforce and office space during the earnings release.
Artificial intelligence will likely be another big topic for the company based on the results and comments from Pichai.
“We’re continuing to focus on making AI more helpful for everyone; there’s exciting progress and lots more to come,” Pichai said.
The conference call can be watched below.
GOOG Price Action: Alphabet shares trade at $132.91, down 5% in after-hours trading.
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Photo: Shutterstock
