#Google #Parent #Alphabets #Stock #Pops #Cloud #Revenue #Soars #Demand
Alphabet (GOOGL), Google’s parent company, reported third-quarter results that beat analysts’ estimates, sending shares soaring after the bell on Tuesday.
Alphabet’s third-quarter revenue rose 15% year over year to $88.27 billion, above the Visible Alpha analyst consensus. Net income was $26.3 billion, or $2.12 per share, up from $19.69 billion, or $1.55 per share, a year earlier, beating Street estimates.
Google Cloud generated revenue of $11.4 billion, beating analyst expectations and representing 35% growth year-over-year as demand for artificial intelligence (AI) surges. Google Cloud’s AI infrastructure and generative AI solutions led the growth, along with other core cloud products.
The quarter was also Alphabet’s first since former Eli Lilly (LLY) CEO Anat Ashkenazi took over as the company’s CFO on July 31.
Alphabet shares rose 4% in extended trading after the release. They were up about 22% in the year through Tuesday’s close.
#Google #Parent #Alphabets #Stock #Pops #Cloud #Revenue #Soars #Demand
