The company beat on revenue, EPS, its ads business, and Google Cloud revenue, which grew 35% year over year.
Revenue from Google Cloud grew 35% year over year to $11.4 billion, bolstered by "accelerated growth" in the company's AI products, the company said.
Here are the key numbers for the third quarter compared to analysts' estimates:AdvertisementEarnings per share : $2.12 vs. $1.83 expected: $2.12 vs. $1.83 expected Revenue : $88.27 billion vs. $86.44 billion expected: $88.27 billion vs. $86.44 billion expected Google Advertising : $65.9 billion vs. $65.5 billion: $65.9 billion vs. $65.5 billion YouTube advertising revenue : $8.92 billion vs. $8.89 billion expected: $8.92 billion vs. $8.89 billion expected Google Cloud revenue: $11.35 billion vs. $10.79 billion expectedSource for analyst expectations: BloombergAlphabet and Google CEO Sundar Pichai said the company's AI investments were "paying off."
The AI results will now reach over 1 billion users on a monthly basis, he said, and ads in AI Overview are "performing well."
Related stories"Today, more than a quarter of all new code at Google is generated by AI then reviewed and accepted by engineers," Pichai said.
Persons:
Sundar Pichai, —, Pichai, Demis Hassabis, Evelyn Mitchell, Wolf, Mitchell
Organizations:
Google, Service, Google Cloud, Bloomberg, Apple, DOJ, Business