Alphabet Beats Wall Street Expectations in Q3 With $76.6 Billion in Revenue, Defies Tough Ad Climate

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The Google and YouTube parent company, emphasizing new AI initiatives, reported a 41% boost in net income to $19.69 billion, but its stock fell more than 5% in after-hours trading

Alphabet Networks Earnings
Photo illustration by TheWrap

Despite a difficult advertising climate, Alphabet rode strong results from search and YouTube to record a net income increase of 41.5% to $19.69 billion, or diluted earnings of $1.55 per share, for its third quarter, beating Wall Street expectations. Revenue grew to $76.6 billion, an 11% year-over-year increase, the company said Tuesday.

Analysts surveyed by Zacks Investment Research were expecting the Google and YouTube parent company to report earnings of $1.45 per share and revenue of $63.13 billion.

Ad revenue at YouTube grew 12% from $7.07 billion to $7.95 billion. Meanwhile, the Google search and “other” segment reported $44.03 billion in revenue, up 11% from the previous third quarter.

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