Alphabet Reports Strong Earnings on Cloud and Advertising Growth... Up 5% After Hours
Alphabet, the parent company of Google, the world's largest search engine, announced its third-quarter results on October 29 (local time), surpassing market expectations.
According to the earnings report released by Alphabet that day, third-quarter revenue reached 102.3 billion dollars, with earnings per share (EPS) of 2.87 dollars.
Quarterly revenue significantly exceeded Wall Street's average estimate of 99.89 billion dollars compiled by financial information provider LSEG, and earnings per share also beat the market expectation of 2.26 dollars.
This performance is attributed to a surge in corporate demand for artificial intelligence (AI) infrastructure, which drove Google Cloud revenue to 15.16 billion dollars, well above the market estimate of 14.72 billion dollars. Advertising business revenue also soared to 74.18 billion dollars, far surpassing the projection of 71.79 billion dollars.
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Following this news, Alphabet's share price rose 5.18% in after-hours trading, reaching 288.79 dollars.
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