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Google owner’s profits rise 41.5% to $19.7 billion in the third quarter

Google owner’s profits rise 41.5% to $19.7 billion in the third quarter

In the nine months, Alphabet’s net results amounted to $53.108 billion, compared to $46.348 billion in the same period of the previous year.

Alphabet, owner of Google, reported net earnings of $19.69 billion in the third quarter, which translates to adjusted earnings per share of $1.55, above analysts’ expectations of $1.45. The result also represents growth of 41.55% compared to net income of $13.910 billion in the same quarter of 2022, or $1.06 per adjusted share.

In the nine months, Alphabet’s net results amounted to $53.108 billion, compared to $46.348 billion in the same period of the previous year.

In a statement, CEO Sundar Pichai said he was “pleased with our financial results and product momentum this quarter, with AI-powered innovations in search, YouTube, the cloud, our Pixel devices and more.”

The result in the cloud computing component disappointed expectations and stocks fell after hours on Wall Street.

The company’s third-quarter revenue was $76.693 billion, representing 11% year-over-year growth. Operating income was $21.343 billion, compared to $7.135 billion.

Alphabet also recorded growth in Google advertising revenue, reaching $54.482 billion.

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