Google parent Alphabet beats quarterly revenue estimates By Reuters

(Reuters) -Alphabet topped third-quarter revenue expectations on Tuesday, helped by steady growth in its digital advertising business and an AI-driven jump in demand for its cloud services.

Shares of the company rose 3% in extended trading.

Digital advertising sales – the biggest chunk of Alphabet (NASDAQ:)’s total revenue – rose to $65.85 billion from $59.65 billion.

Revenue from Google’s cloud platform grew to $11.35 billion, beating analysts’ estimate of $10.86 billion.

Alphabet reported a profit of $2.12 per share. Analysts were expecting per-share earnings of $1.85.

Revenue increased 15% to $88.27 billion in the July-September period, while analysts on average expected $86.30 billion, according to LSEG data.

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by : Reuters

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