AI and Cloud Innovations Drive Alphabet's 34% Earnings Surge
Wednesday, 30 October 2024, 13:37
AI Technologies and Cloud Innovations Fuel Growth
Alphabet, the parent company of Google, reported a remarkable 34% increase in profits for the third quarter, largely due to the booming demand for cloud computing and AI services. The cloud business, while still trailing behind Microsoft and Amazon, displayed impressive gains amid rising investments in generative AI.
Impressive Financial Results
- Google Cloud revenue surged by 35% to $11.4 billion.
- Operating profit skyrocketed from $266 million to $1.9 billion.
- Net income for the quarter reached $26.3 billion, surpassing analyst expectations.
- Total revenue rose 15% to $88.3 billion.
The results reflect the company's successful strategy amid concerns about profit margins in the competitive AI landscape.
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