New York, Thursday, October 31, 2024– Google’s parent company Alphabet Inc. reported a robust 15% year-over-year increase in Q3 2024 revenues, totaling $88.3 billion in its Q3 financial report yesterday.
Revenue growth was largely fueled by gains in Google Cloud, which rose 35% to $11.4 billion, and Google Services, which climbed 13% to $76.5 billion. Alphabet’s operating income also saw a significant boost, up 34% with an expanded operating margin of 32%, marking a 4.5% point increase.
Net income for Alphabet surged by 34%, reaching $26.3 billion, while diluted earnings per share (EPS) rose 37% to $2.12.
The company also reported record YouTube ad and subscription revenues, exceeding $50 billion over the last four quarters. Alphabet’s dividend program announced a cash dividend of $0.20 per share, payable on December 16, 2024.
The report is seen here.
Google Cloud’s growth was driven by rising demand for AI Infrastructure and Generative AI Solutions, while Google Services benefited from increased revenue in Google Search, YouTube ads, and platform subscriptions.
CEO Sundar Pichai highlighted the company’s commitment to AI-driven innovation, attributing growth to enhanced AI features in Search and increased Cloud adoption due to scalable AI solutions.
