Alphabet today announced Q3 2024 earnings with $88.27 billion in revenue. These numbers range from July to September.
Revenue is up 15% from $77 billion in Q3 2023, with operating income at $28.52 billion and net income of $26.3 billion for this quarter (versus $19.69 billion a year ago). For comparison, Alphabet reported $84.7 billion in revenue and $23.62 billion in net income last quarter.
The momentum across the company is extraordinary. Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off with consumers and partners benefiting from our AI tools.
In Search, our new AI features are expanding what people can search for and how they search for it. In Cloud, our AI solutions are helping drive deeper product adoption with existing customers, attract new customers and win larger deals. And YouTube’s total ads and subscription revenues surpassed $50 billion over the past four quarters for the first time.
We generated strong revenue growth in the quarter, and our ongoing efforts to improve efficiency helped deliver improved margins. I’m looking forward to driving more advances for consumers, customers and creators globally
Sundar Pichai, CEO
In Q3 2024, YouTube ad revenue was $8.92 billion (versus $7.95 billion a year ago), while Cloud reported $11.35 billion (compared to $8.41 billion).
“Google subscriptions, platforms, and devices” (previously “Google other”) — which includes hardware, Play Store, and non-advertising YouTube revenues — reported $10.66 billion, compared to $8.34 billion the same quarter last year. This is the first quarter that includes sales of the Pixel 9 series, Pixel Watch 3, and Pixel Buds Pro 2. In past years, this quarter would not include any new hardware launches.
“Other Bets” continues to lose money. It reported $388 million in revenue compared to $297 million in Q3 of 2023. It lost $1.12 billion compared to $1.19 billion in the same quarter of last year.
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