Google parent Alphabet beats quarterly revenue estimates
(Reuters) -Alphabet topped third-quarter revenue expectations on Tuesday, helped by steady growth in its digital advertising business and an AI-driven jump in demand for its cloud services.
Shares of the company rose 3% in extended trading.
Digital advertising sales - the biggest chunk of Alphabet's total revenue - rose to $65.85 billion from $59.65 billion.
Revenue from Google's cloud platform grew to $11.35 billion, beating analysts' estimate of $10.86 billion.
Alphabet reported a profit of $2.12 per share. Analysts were expecting per-share earnings of $1.85.
Revenue increased 15% to $88.27 billion in the July-September period, while analysts on average expected $86.30 billion, according to LSEG data.
(Reporting by Deborah Sophia in BengaluruAdditional reporting by Kenrick Cai in San Francisco; Editing by Anil D'SilvaEditing by Anil D'Silva and Matthew Lewis)
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