Alphabet Inc., Google’s parent company, announced a 15% year-over-year increase in revenue, reaching $88.3 billion for the third quarter ending September 30, 2024.
This growth was largely fueled by a 13% rise in Google Services revenue, totaling $76.5 billion, with notable contributions from Google Search, subscriptions, platforms, devices, and advertising on YouTube.
Google Cloud revenues soared 35% to $11.4 billion, reflecting heightened demand for AI infrastructure and generative AI solutions. The company’s operating income also increased by 34%, resulting in an operating margin of 32%.
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CEO Sundar Pichai highlighted the importance of innovation and AI investment in driving this success, stating, “Our commitment to innovation, are paying off, with consumers and partners benefiting from our AI tools.”
The company reported a 34% increase in net income, with earnings per share rising to $2.12, marking a 37% jump from the previous year. Pichai expressed optimism for continued growth and efficiency improvements across the company.
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