Google parent Alphabet reported third-quarter earnings that beat on top and bottom lines with strong revenue growth from the company’s cloud unit.
The company’s shares rose about 5% on Wednesday morning.
Here are the results:
- Earnings per share: $2.12 vs. $1.85 expected by LSEG
- Revenue: $88.27 billion vs. $86.30 billion expected by LSEG
Here are other numbers Wall Street was watching:
- YouTube advertising revenue: $8.92 billion vs. $8.89 billion, according to StreetAccount
- Google Cloud revenue: $11.35 billion vs. $10.88 billion, according to StreetAccount
- Traffic acquisition costs (TAC): $13.72 billion vs. $13.53 billion, according to StreetAccount
Alphabet’s revenue grew 15% year over year, which is stronger than the same quarter last year.
The company reported blowout cloud revenue at $11.35 billion, up nearly 35% from the $8.41 billion a year ago. The company attributed its strong cloud results to its artificial intelligence offerings, which include subscriptions for enterprise customers.
Alphabet CEO Sundar Pichai opened his call with investors saying the company’s …