Alphabet Q3 Results: ‘lots more to come…’ - Google parent's focus on Artificial Intelligence

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Read here: Alphabet Q3 result: Google Cloud miss overshadows tech giant's earnings, share price down over 5% Wall Street expected cloud computing revenue of $8.62 billion and operating income of $434 million. Alphabet President and and Chief Investment Officer; CFO Ruth Porat said that the unit’s sales had been affected by some customers’ cost-cutting. He said that the third-quarter cloud growth is due to “customer optimization efforts," without elaborating.

(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Google Cloud includes infrastructure and platform services, collaboration tools, and other services for enterprise customers. Google Cloud generates revenues from fees received for Google Cloud Platform services, Google Workspace communication and collaboration tools, and other enterprise services. “We’ll do everything that is needed to make sure we have the leading AI models and infrastructure in the world, bar none," Pichai told investors on a call.

Porat and Pichai said that they would continue to find ways to operate more efficiently, with Porat noting that the company would maintain a “slower pace of headcount growth," Bloomberg reported. Also Read: Microsoft Q3 Results: AI bet pays big dividends. Here's what the company says The goal of those efforts is to free up as much room as possible to invest in opportunities such as artificial intelligence.

Overall, Alphabet reported a net profit of $19.69 billion for the July-September period, compared with $13.91 billion a year earlier. The company’s revenue for the quarter stood at $76.69 billion, compared with estimates of $75.97 billion. The company recorded ad