Alphabet Inc., Google’s parent company, announced that its third-quarter revenue for 2023 reached $76.69 billion, marking an 11% increase from the same period last year.
The company disclosed its financial results for the quarter ending September 30, 2023, revealing a net income of $19.69 billion, compared to $13.91 billion in the corresponding period of 2022. Its diluted earnings per share also rose to $1.55 from $1.06 a year ago.
The financial report indicated that out of the total quarterly revenue of $76.69 billion, Google Services, including YouTube advertising, accounted for $67.99 billion.
Furthermore, the report highlighted that Google Cloud sales surged to $8.41 billion in comparison to $6.87 billion in the corresponding period of 2022.
In response to the financial results, Sundar Pichai, the CEO of Alphabet and Google, expressed satisfaction with the company’s performance, stating, “I’m pleased with our financial results and our product momentum this quarter, with AI-driven innovations across Search, YouTube, Cloud, our Pixel devices, and more. We’re continuing to focus on making AI more helpful for everyone.”
Additionally, Ruth Porat, the President and Chief Investment Officer of Alphabet, emphasized the solid foundation of the company’s business in the third quarter, reporting a revenue of $77 billion, up 11% year over year. She attributed this growth to significant advancements in Search and YouTube, as well as the increasing momentum in Cloud. She also underscored the company’s commitment to ensuring sustainable financial value through prudent capital allocation.
