Google parent Alphabet reports net profit of $19.6 billion in Q3

economictimes.indiatimes.com:

Google parent Alphabet on Wednesday reported a net profit of $19.6 billion for the quarter ended September 30 as compared to $13.9 billion during the same period last year.
“I’m pleased with our financial results and our product momentum this quarter, with AIdriven innovations across Search, YouTube, Cloud, our Pixel devices and more,"

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Sundar Pichai, CEO, said in a statement. «We’re continuing to focus on making AI more helpful for everyone; there’s exciting progress and lots more to come.”

Google Cloud had revenues increase 22% to $8.4 billion, however this was seen as a disappointment as analysts had estimated higher numbers, especially when pitted against competitors in the space like Microsoft, which also announced its results on the same day.
Revenue from Search engine and other related services that forms a bulk of their business, rose 11% to $44 billion in the third quarter.

“The fundamental strength of our business was apparent again in Q3, with $77 billion in revenue, up 11% year over year, driven by meaningful growth in Search and YouTube, and momentum in Cloud,» CFO Ruth Porat, said in the release. «We continue to focus on judicious capital allocation to deliver sustainable financial value.»

The double-digit increase in revenue comes after four quarters of single-digit expansion. Google faced a slowdown in ad revenue, which is core to its business model owing to tough macroeconomic conditions and increased competition from