Alphabet's Strong Earnings Driven by Cloud Growth

Reported 28 days ago

Alphabet's stock soared 6% as the company reported third-quarter earnings that exceeded analyst expectations, mainly due to substantial growth in its cloud business. The company posted earnings per share of $2.12 on revenue of $88.27 billion, showing year-over-year increases of 37% in profits and 15% in revenue. With cloud revenue reaching $11.4 billion, a 35% jump from last year, Google emphasizes its expanding AI capabilities that attract new clients and enhance deals, even as competition in AI-powered search technology intensifies.

Source: YAHOO

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