Alphabet Inc. (GOOG) reported strong third-quarter results, with its share price rising by nearly 6% in after-hours trading. The tech giant’s revenue hit $88.27 billion, a 15% increase compared to the previous year, surpassing Wall Street estimates by 2.2%. Earnings per share rose 35% year-over-year to $2.12, exceeding predictions by 13.6%. CEO Sundar Pichai attributed this growth largely to advancements in artificial intelligence, highlighting that Google's AI initiatives are now significantly enhancing productivity and revenue. Google Cloud revenues soared by 35% to $11.4 billion, reinforced by success in AI infrastructure and generative products. Furthermore, Google Ads continued to be a major revenue driver at $65.86 billion, a 10.4% increase from Q3 2023. The report indicated that Google is extensively utilizing AI in software development, with over a quarter of new code being AI-generated. These positive results come before similar earnings reports from other major tech firms like Meta and Microsoft, signaling a robust period for the so-called MAMAA stocks, which have heavily invested in AI technology this year.

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