Alphabet Achieves Historic $100 Billion Revenue Quarter
Google's parent company, Alphabet Inc., reported its first-ever quarter exceeding $100 billion in revenue, driven by strong performance from Google Cloud and a significant profit increase.
Overview
- Alphabet Inc., Google's corporate parent, achieved a significant financial milestone by reporting over $100 billion in revenue for the first time in a single quarter.
- The company's total revenue reached $102.3 billion, marking a 16% increase from the previous year, demonstrating robust growth across its operations.
- Google Cloud played a crucial role in this success, contributing $15.2 billion in revenue, which represents a substantial 34% increase year-over-year.
- Alphabet also reported a nearly $35 billion profit, or $2.87 per share, reflecting a 33% increase from the prior year, showcasing strong profitability.
- In response to these impressive third-quarter numbers, investors drove up Alphabet's stock price by nearly 5%, and the company increased its capital expenditure budget to $91-$93 billion for the year.
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Analysis
Center-leaning sources frame this story by highlighting Google's immense financial power and resilience, portraying its record revenue as a testament to its "unwavering power" despite legal challenges. They emphasize how the company continues to thrive, often downplaying the severity of antitrust rulings as "mild rebukes" and focusing on investor confidence and AI advancements.
"Google’s corporate parent on Wednesday announced its first-ever quarter with more than $100 billion in revenue, a milestone that illustrates the unwavering power of its internet empire amid legal and competitive threats."
ABC News"Google’s corporate parent on Wednesday announced its first-ever quarter with more than $100 billion in revenue, a milestone that illustrates the unwavering power of its internet empire amid legal and competitive threats."
Associated PressArticles (3)
FAQ
Alphabet's historic revenue was driven by strong performance from Google Cloud, which saw a 34% increase in revenue, and significant profit increases across its operations.
Google Cloud contributed $15.2 billion in revenue, marking a 34% year-over-year increase, which was crucial to Alphabet's overall revenue growth.
Alphabet plans to increase its capital expenditure budget to $91-$93 billion for the year, focusing on expanding its cloud and AI capabilities.
History
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