Reported about 16 hours ago
Alphabet's shares soared over 6% in after-hours trading after reporting Q3 earnings and revenue exceeding Wall Street expectations, with quarterly revenue reaching $102.4 billion and adjusted EPS hitting $2.87. The substantial growth was fueled by Google Cloud, which saw a 34% increase in revenue largely due to heightened enterprise demand for AI, leading to a backlog of $155 billion in future contracts. Despite competitive pressures from AI chatbots like OpenAI's ChatGPT, Google's search revenue also exceeded predictions, indicating robust performance driven by AI-driven query growth.
Source: YAHOO