San Francisco: Google’s parent company, Alphabet, reported record revenue of $61.9 billion in the July-September quarter, as well as record earnings of $18.9 billion.
Google Services sales increased by 41% to $59.9 billion, and Google Search and other advertising revenues increased by 44% to $37.9 million in the quarter.
YouTube advertising sales of $7.2 billion were up 43 percent owing to success in both direct response and brand advertising, the firm said in a statement late Tuesday.
Sundar Pichai, CEO of Alphabet and Google, stated, “Our long-term investments in AI and Google Cloud are helping us create huge improvements in everyone’s digital experience.”
“Search is still at the core of what we do. Over the last 23 years, we’ve achieved significant progress that helps Search and related products like Google Assistant, which recently marked its fifth anniversary “Added he.
Google Cloud’s third-quarter revenue was $5 billion, up 45 percent over the previous quarter.
“Revenue growth for Google Cloud Platform (GCP) was again above cloud overall, demonstrating considerable growth in both infrastructure and platform services,” Ruth Porat, Senior Vice President, and Chief Financial Officer stated.
In the third quarter, Alphabet’s employment increased by over 6,000 people, including seasonal campus hiring.
The business stated, “We foresee substantial staff growth in Q4 for both Google Services and Google Cloud.”
In terms of foreign exchange impact on reported sales, Alphabet predicts almost no impact in Q4, compared to a 1.5 percent tailwind in Q3 and a 4% tailwind in Q2.