Alphabet Reports Record $100+ Billion Quarterly Revenue with 34% Cloud Growth
By
thelastgallon
Kettled twice. Extra chewy, extra trustworthy.
Summary
Alphabet (Google's parent company) reported third-quarter earnings that exceeded analyst expectations, with quarterly revenue surpassing $100 billion for the first time. The company's cloud business grew 34% year-over-year, driven by strong demand for artificial intelligence services. Alphabet also announced increased capital expenditure projections for fiscal year 2025, now expecting to spend around $91 billion. The positive earnings report led to a 5% increase in share price during after-hours trading.
Key quotes
· 4 pulledAlphabet reported third-quarter earnings that beat analyst expectations.
Alphabet reported solid momentum in its cloud business, thanks to strong demand for artificial intelligence.
The company also announced an increase in expected capital expenditures for the fiscal year 2025.
With the growth across our business and demand from Cloud customers, we now expect 2025 capital expenditures to be in a range of $91 billion.
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