Google smashes earnings – Q3 2024 GAAP EPS $2.12 Beats $1.84 Estimate, Sales $88.268B Beat $86.312B Estimate

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  • Quarterly Results: Alphabet Inc. announced Q3 2024 financial results.
  • Total Revenue: $88.3 billion, a 15% year-over-year increase.
  • Google Services: Revenue increased 13% to $76.5 billion, driven by:
    • Growth in Google Search and other services.
    • Increased subscriptions and device sales.
    • Strong YouTube ad performance.
  • Google Cloud: Revenue up 35% to $11.4 billion, fueled by:
    • Growth in AI Infrastructure and Generative AI Solutions.
    • Increased adoption of core GCP products.
  • Operating Income: Increased by 34%; operating margin expanded by 4.5 percentage points to 32%.
  • Net Income: Increased by 34%; earnings per share rose 37% to $2.12.
  • CEO Statement: Sundar Pichai emphasized the impact of innovation and AI on revenue growth and operational efficiency.
  • YouTube Milestone: Total ads and subscription revenue surpassed $50 billion over the past four quarters for the first time.
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