Alphabet Inc., Google’s parent company, surpassed Wall Street expectations in its Q3 2024 earnings, reporting record revenue of $88.3 billion—a 15% increase year-over-year. The core advertising business significantly contributed, generating $65.9 billion, while net income reached $26.3 billion, yielding earnings per share (EPS) of $2.12, all exceeding analyst forecasts.
YouTube also played a crucial role in this growth, reporting ad revenue of $8.92 billion, reflecting Google’s expanding presence in the video platform sector. CEO Sundar Pichai highlighted the company’s advancements in artificial intelligence (AI), stating that ongoing innovations are benefiting both consumers and partners.
In the context of India’s burgeoning digital advertising market, Google’s AI-powered solutions for Search and Cloud are enhancing user engagement and providing brands with predictive insights for data-driven campaigns.
While Alphabet’s financial success has boosted its stock value and demonstrated market confidence in its AI initiatives, the company faces increased competition from rivals like Meta and scrutiny from a high-profile antitrust lawsuit in the U.S. Despite these challenges, Google’s strong growth underscores its leadership in search and programmatic advertising, particularly in a rapidly digitalizing economy like India.
Alphabet Inc., Google’s parent company, reported impressive Q3 2024 earnings, exceeding Wall Street expectations with a record revenue of $88.3 billion, up 15% from the previous year. The core advertising business generated $65.9 billion, and net income reached $26.3 billion, translating to earnings per share (EPS) of $2.12. YouTube significantly contributed to this growth, with ad revenue of $8.92 billion, showcasing Google’s strong position in the video platform sector. CEO Sundar Pichai emphasized the role of artificial intelligence (AI) in driving innovations that enhance user engagement and provide predictive insights for brands. Despite facing heightened competition and antitrust scrutiny, Alphabet’s robust performance reflects its leadership in the digital advertising landscape, particularly in emerging markets like India.