Alphabet's Revenue Soars: A Digital Advertising Triumph

Alphabet surpasses third-quarter revenue expectations, driven by steady digital advertising growth and increased demand for cloud services. The company's shares rose 3% after reporting a notable revenue increase. Google's cloud platform revenue outperformed analyst estimates, contributing to a profit of $2.12 per share.

Alphabet exceeded third-quarter revenue expectations, thanks to robust growth in digital advertising and a surge in demand for its AI-powered cloud services. This comes as the company's shares rose by 3% in extended trading.

The technology giant's digital advertising segment, which constitutes the majority of its revenue, saw a rise to $65.85 billion, up from $59.65 billion. This significant growth reaffirms Alphabet's dominance in the digital advertising realm.

Google's cloud platform also contributed significantly, generating $11.35 billion in revenue, outperforming analysts' predictions of $10.86 billion. Overall, Alphabet reported a 15% increase in total revenue to $88.27 billion for the July-September period, surpassing the $86.30 billion forecasted by analysts.

(With inputs from agencies.)