From Financial Modeling Prep: 2024-10-29 20:48:00

Alphabet (NASDAQ:GOOGL) shares surged 5% in after-hours trading post third-quarter results, beating Wall Street forecasts. Earnings of $2.12 per share on revenue of $88.27 billion exceeded expectations. Advertising revenue growth was strong, with Search & Other revenue and YouTube Ads both up 12.2% year-over-year, surpassing projections.

Google Cloud drove growth with a 35% revenue increase, outperforming estimates by 5%. Operating performance was impressive, with Google Services Operating Income 7% higher than expected and Google Cloud Operating Income a remarkable 68% above forecasts. Alphabet’s strong financials eased concerns of AI-driven search competition.



Read more at Financial Modeling Prep:: Alphabet Shares Climb 5% on Strong Q3 Results