Alphabet Q3 2023 Earnings Surpass Expectations, Stock Slides in After-Hours Trading

United States of America
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.


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      Alphabet Q3 2023 Earnings

      CNBC News Jordan Novet Tuesday, 24 October 2023 00:00
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