Google parent Alphabet’s third-quarter revenue grew 15% to $88.3 billion, with strong growth in its cloud computing business powered by AI computing demand.
“The momentum across the company is extraordinary. Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off with consumers and partners benefitting from out AI tools,” said Alphabet CEO Sundar Pichai in a press release.
The AI rush helped Google Cloud generate revenues of $11.4 billion, a year-over-year increase of 35%. The company’s profit increased 37% to $2.1 billion.
Google’s Gemini AI model has been squeezed into pretty much all of its products, resulting in more than 2 billion monthly users of Gemini models.
Though not as sexy as the company’s many AI products, Google’s bread-and-butter search business was still a huge moneymaker, generating about 55% of Alphabet’s revenue, pulling in $49.4 billion, which grew 12% year over year.
YouTube’s Q3 ad revenue grew 12% to $8.9 billion. Youtube Shorts are really dominating the product, with 70 billion Shorts being watched every day, according to the company.
Google advertising revenue was $65.9 billion, a 10% increase year over year.
Google's Waymo self-driving taxi business is now logging more than 1 million autonomous miles and 150,000 paid rides per week.
Pichai took a moment to boast about its AI researchers, congratulating two Google DeepMind leaders Demis Hassabis and John M. Jumper for their recent shared Nobel Prize in Chemistry for work related to the AlphaFold2 AI tool, as well as former Google employee Geoff Hinton, who won the 2024 Nobel for Physics.
