Alphabet's Q3 2023 total revenue was $65.11 billion, a 41% increase from the same period last year.
Alphabet's stock slid by 1.5% in after-hours trading.
Google's ad revenue was $58.9 billion, a 43% increase from the same period last year.
Net income was $20.57 billion, or $30.58 per share, exceeding the $18.82 per share expected by analysts.
YouTube's ad revenue was $8 billion, a 46% increase from the same period last year.
Alphabet Inc., the parent company of Google, reported its third-quarter earnings for 2023, which surpassed Wall Street's expectations. Despite the profit and sales beats, Alphabet's stock slid in after-hours trading. The company's total revenue for the quarter was $65.11 billion, a 41% increase from the same period last year, and higher than the $63.32 billion expected by analysts. The net income was $20.57 billion, or $30.58 per share, exceeding the $18.82 per share expected by analysts.
The company's advertising revenue, which makes up the majority of its income, also saw a significant increase. Google's ad revenue was $58.9 billion, a 43% increase from the same period last year. YouTube's ad revenue was $8 billion, a 46% increase from the same period last year. The increase in ad revenue is attributed to the ongoing recovery from the pandemic and the shift in consumer behavior towards online platforms.
However, despite the positive earnings report, Alphabet's stock slid by 1.5% in after-hours trading. The drop in stock price is attributed to concerns over increased costs and potential regulatory scrutiny. Alphabet's traffic acquisition costs, the money it pays to other companies to direct traffic to its platforms, increased to $10.9 billion, a 26% increase from the same period last year. The company also warned of potential headwinds from regulatory pressures and changes in privacy policies.
The article provides a detailed breakdown of Alphabet's financial performance, including its revenue and profit figures.
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Derek Saul, the author of the article, does not appear to have any direct conflicts of interest related to the topic of the article.
The article provides a comprehensive analysis of Alphabet's earnings, including a comparison with analysts' expectations.
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The article focuses on YouTube's ad sales, providing a unique perspective on Alphabet's earnings.
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The Hollywood Reporter is owned by Valence Media, which also owns various entertainment and media companies. This could potentially influence their coverage of media and tech companies like Alphabet.
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The article provides a comparison of Google's and Bing's ad revenues, offering a unique point of view.
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SERoundtable is a specialized news site focusing on search engines. It could potentially have conflicts of interest when reporting on search engine companies like Google, a subsidiary of Alphabet.
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