Google spreads its wings with strength and caresses the sky supported by advertising and the cloud
Posted: Thu Dec 26, 2024 6:08 am
Baraka remained firmly in line with Alphabet , the parent company of Google and YouTube, during the third quarter of the year. As in the previous two quarters, the internet giant comfortably exceeded analysts' initial expectations and grew above expectations in the period from July to September 2024 thanks to its robust digital advertising division and its thriving cloud computing business.
On Wall Street, analysts had expected Google's parent company to grow 12% year-on-year in the third quarter of the year. However, Alphabet far exceeded those expectations, with revenue jumping 15% to $88.27 billion and earnings of $2.12 per share (compared to the $1.85 initially expected by analysts).
“The momentum the company is experiencing is absolutely extraordinary. Our afghanistan whatsapp data commitment to innovation, our long-term focus on AI and the investment we have made in this technology are paying off , as both our customers and our partners are benefiting greatly from our AI tools,” emphasizes Sundar Pichai, CEO of Alphabet.
Revenue from Google's booming advertising division grew by 10% , while revenue from the company's cloud division soared by 35%. And as for YouTube, the numbers were favorable for Google's video platform both in terms of subscriber numbers and advertising revenue.
The AI boom has boosted Google's stock value on the stock market
The enthusiasm for AI has fuelled Google's stock market value in recent months , with the value of its shares increasing by 20% in 2024 and by more than 150% in the past five years. Google is one of the leading companies in the field of AI and has been able to capitalise on the technology's boom, although it is often criticised for falling behind OpenAI and its partner Microsoft.
Even though Google brought in a lot of money in the period between July and September 2024, it also had to face large expenses, which in fact accounted for a year-on-year growth of 62% to 13 billion dollars. Looking ahead to the current quarter, the multinational expects to maintain the level of spending, essential for planting the seeds of innovation, and looking ahead to 2025 it already anticipates that expenses will grow even more.
Although the third quarter of the year was a good time for Google financially, the company had to deal with multiple legal problems between July and September. Last August, Google was sued by the US government and a judge accused the company of being a monopolist. Since then, the US Department of Justice has put forward the possibility of breaking up Google in an attempt to break up its monopoly in the field of internet searches.
Pichai had already warned yesterday that the measures the US government plans to implement were clearly excessive and could have dire consequences for the dynamic US technology sector.
Additionally, earlier this month a judge ordered Google to open its Play Store app store to competition after losing a lawsuit against Epic Games, the developer of Fortnite .
Another antitrust trial against Google was launched in September , over whether the company enjoys an illegal monopoly in online advertising.
On Wall Street, analysts had expected Google's parent company to grow 12% year-on-year in the third quarter of the year. However, Alphabet far exceeded those expectations, with revenue jumping 15% to $88.27 billion and earnings of $2.12 per share (compared to the $1.85 initially expected by analysts).
“The momentum the company is experiencing is absolutely extraordinary. Our afghanistan whatsapp data commitment to innovation, our long-term focus on AI and the investment we have made in this technology are paying off , as both our customers and our partners are benefiting greatly from our AI tools,” emphasizes Sundar Pichai, CEO of Alphabet.
Revenue from Google's booming advertising division grew by 10% , while revenue from the company's cloud division soared by 35%. And as for YouTube, the numbers were favorable for Google's video platform both in terms of subscriber numbers and advertising revenue.
The AI boom has boosted Google's stock value on the stock market
The enthusiasm for AI has fuelled Google's stock market value in recent months , with the value of its shares increasing by 20% in 2024 and by more than 150% in the past five years. Google is one of the leading companies in the field of AI and has been able to capitalise on the technology's boom, although it is often criticised for falling behind OpenAI and its partner Microsoft.
Even though Google brought in a lot of money in the period between July and September 2024, it also had to face large expenses, which in fact accounted for a year-on-year growth of 62% to 13 billion dollars. Looking ahead to the current quarter, the multinational expects to maintain the level of spending, essential for planting the seeds of innovation, and looking ahead to 2025 it already anticipates that expenses will grow even more.
Although the third quarter of the year was a good time for Google financially, the company had to deal with multiple legal problems between July and September. Last August, Google was sued by the US government and a judge accused the company of being a monopolist. Since then, the US Department of Justice has put forward the possibility of breaking up Google in an attempt to break up its monopoly in the field of internet searches.
Pichai had already warned yesterday that the measures the US government plans to implement were clearly excessive and could have dire consequences for the dynamic US technology sector.
Additionally, earlier this month a judge ordered Google to open its Play Store app store to competition after losing a lawsuit against Epic Games, the developer of Fortnite .
Another antitrust trial against Google was launched in September , over whether the company enjoys an illegal monopoly in online advertising.