Google's Parent Alphabet Makes Merry In Quarterly Earnings, Beats Estimates

The earnings season has brought about some major rumblings in the tech business. After Nvidia, Google's parent company, Alphabet also declared its results. The California-based company's revenue numbers rose by 16 per cent year-over-year. This overall revenue rose to USD 74.6 billion.

Google's Revenue Surges

In addition, this revenue is also greater than the estimated revenue figure of USD 72.9 billion.

In what could be seen as a major relief to many companies like Google that have invested in the AI rush, the company's healthy figures were boosted by its investment in the AI business. In addition, its cloud computing segment has also contributed to the rise in the company's fortunes.

Computing and Cloud Business On Rise

This earning season for the third quarter of the fiscal year has provided some much-related relief to AI or AI-related entity companies, who in many ways lost the momentum and confidence of investors, whose patience started waning after the grand euphoria that took over the market at the beginning of 2024.

Apart from the upsurge in the avenues of cloudy and AI, the company also made money from its more conventional sources. Alphabet's primary search business, which it dominates, increased by 12 per cent. Along with the company's earnings from its video-sharing platform, YouTube and the ad revenue also saw an increase.

Google CEO Sundar Pichai took to X to talk on the matter. Pichai said, "Just finished my Q3 earnings remarks, highlighting extraordinary momentum across the company and our differentiated full stack approach to AI innovation - robust infrastructure, research + models, and products + platforms."

Pichai concluded the post saying, "Last but not least: @Waymo’s doing really well - 1M fully autonomous miles and 150K paid rides / week, plus partnerships with Uber + Hyundai, 6th-gen Waymo Driver, growing commercial opportunity. Here’s a photo after a recent concert in SF - Waymo after Waymo picking people up!.

Google Shares Pick Up

The shares of Alphabet listed on Nasdaq, trading as GOOG saw its shares jump by 1.66 per cent or USD 2.80. This took the overall value of the shares to USD 171.14 before closing for the day's trade.