The parent company of Google’s diluted earnings per share in the reported third quarter ended 30 September 2023 were $1.55, an increase of 46.2%, compared to $1.06 reported in the same quarter of 2022
Alphabet earned revenues of $59.64bn from its Google advertising business in Q3 2023. (Credit: Outreach Pete/Wikimedia Commons)
Alphabet has reported a net income of $19.69bn for the third quarter of 2023 (Q3 2023), a 41.5% increase compared to $13.91bn for the same quarter of the previous year.
In the previous quarter, that is Q2 2023, the parent company of Google posted a net income of $18.36bn.
Alphabet’s diluted earnings per share (EPS) in the reported third quarter ended 30 September 2023 were $1.55, an increase of 46.2%, compared to $1.06 reported in the same quarter of 2022.
The company’s revenues for Q3 2023 were up by 11% to $76.69bn, compared to $69.09bn in Q3 2022. In Q2 2023, Alphabet’s revenues were $74.6bn.
Alphabet president and chief investment officer Ruth Porat said: “The fundamental strength of our business was apparent again in Q3, with $77bn in revenue, up 11% year over year, driven by meaningful growth in Search and YouTube, and momentum in Cloud.
“We continue to focus on judicious capital allocation to deliver sustainable financial value.”
Alphabet earned $59.64bn in revenues from its Google advertising business for Q3 2023, an increase of 9.5% compared to $54.48bn in the same quarter of 2022. These include revenues from Google Search and others ($44.02bn), YouTube ads ($7.95bn), and Google Network ($7.66bn).
The total revenues earned by the Google Services business in Q3 2023 were $67.98bn, a 10.7% increase, compared to $61.37bn in Q3 2022.
Google Cloud earned revenues of $8.41bn for the reported quarter, an increase of 22.6% compared to $6.86bn in the corresponding period of 2022.
Alphabet CEO Sundar Pichai said: “I’m pleased with our financial results and our product momentum this quarter, with AI-driven innovations across Search, YouTube, Cloud, our Pixel devices and more.
“We’re continuing to focus on making AI more helpful for everyone; there’s exciting progress and lots more to come.”
In August 2023, Google Cloud expanded its partnership with American technology company Nvidia to advance artificial intelligence (AI) computing, software, and services.