- Alphabet, the parent company of Google, reported impressive Q3 financial results with net profit reaching $19.7 billion and revenue increasing by 11% to $76.7 billion.
- Google Cloud Platform (GCP) experienced slower growth, with a revenue growth rate of 22.5% in the third quarter, down from 28% in the previous quarter.
- Google’s advertising revenue, which includes Google Search and YouTube ads, grew to $59.6 billion in Q3, with advertising revenue seeing a 9.5% growth rate.
- YouTube’s ad sales increased by 12.5% in Q3, reaching $7.9 billion, driven by both brand advertising and direct response, as well as the success of YouTube Shorts.
- Alphabet continues to invest significantly in artificial intelligence (AI) and is working to incorporate Generative AI into Search to provide more comprehensive information and customized ads using AI capabilities.