Google parent Alphabet posts 1st $100 bn quarter
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20hon MSN
Google’s corporate parent posts first-ever quarter with $100B in revenue in latest show of its power
SAN FRANCISCO (AP) — Google’s corporate parent on Wednesday announced its first-ever quarter with more than $100 billion in revenue, a milestone that illustrates the unwavering power of its internet empire amid legal and competitive threats.
Shares of Alphabet rose as much as 6% in post-market trading after the company posted third-quarter revenue and earnings results that beat Wall Street expectations. Investors were especially impressed by Google Cloud's 34% year-over-year revenue growth.
Google's parent company, Alphabet, reported record quarterly revenue this week, with Google Cloud, Search and YouTube each growing at a double-digit pace.
Alphabet's CEO Sundar Pichai hints at a new strategy shift towards AI-driven search, as transformative as universal search in the 2000s.
Google’s parent company Alphabet has posted its first $100 billion quarter, driven by AI-powered growth across Search, YouTube, and Cloud. Here’s how smarter tools and everyday products helped the tech giant reach this massive milestone.
Happy numbers galore. Net income rose 33% to nearly $35 billion, while earnings per share jumped 35% to $2.87.
The results exceeded Wall Street’s expectations for sales of $99.81 billion and a profit of $27.63 billion. Alphabet shares rose more than 5 percent in after-hours trading.
The growth of Alphabet, Google's parent company, is directly linked to its investment in artificial intelligence.
Alphabet crushed on earnings last night, and Google Cloud revenue grew 34%. Total sales growth was 16% for Alphabet, but capital expenditure is growing much faster. Alphabet's AI investments are creating revenue growth, but at a high cost.
1don MSN
Google Parent Alphabet surpasses $100 Billion in quarterly revenue as AI expansion accelerates
Alphabet Inc., Googles parent company, achieved a remarkable landmark by surpassing $100 billion in quarterly revenue for the very first time. For the third quarter, the tech giant estimated $102.3 billion in revenue and almost $35 billion in profit,
Alphabet, Google's parent company, is set to report third-quarter earnings on Wednesday, Oct. 29. Investors will be looking at whether the company is poised for more growth as ChatGPT continues to threaten its business model.