Alphabet Q3 results beat analyst estimates as ad-revenue climbs; shares jump

Investing.comOct 29, 2024 8:44 PM

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Investing.com -- Alphabet reported Tuesday third-quarter results that topped Wall Street estimates as the search giant's advertising revenue climbed, easing concerns about the threat of competition from artificial intelligence search products.

Alphabet Inc Class A (NASDAQ:GOOGL) rose more than 3% in afterhours trading following the report.

The company reported earnings of $2.12 per share on revenue of $88.27 billion. That compared with expectations for earnings of $1.84 per share on revenue of $86.37B.

The beat on the top and bottom lines comes as revenue in its core advertising business grew.

Advertising revenue rose to $65.85B in Q3 from $59.65B in the prior-year period, with YouTube advertising revenue rose to $8.92B from $7.95B.

Google Cloud revenue jumped to $11.35B from $8.41B in the period-year period.

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