Alphabet, the parent company of Google, has released its financial results for the third quarter of 2023. The total revenue reached $76.693 billion, representing an 11% increase compared to the same period last year. The net profit, according to GAAP accounting principles, stands at $19.689 billion.
Noteworthy business segment revenues are as follows:
– YouTube advertising generated $7.952 billion, marking a 12% increase.
– Google Cloud revenue amounted to $8.411 billion, showing a robust growth of 22%. The business segment registered a specific profit of $266 million, in contrast to the previous year’s loss.
– Other revenue sources for Google, including hardware, Play Store, and YouTube subscriptions, totaled $8.339 billion, representing a 21% increase.
During the earnings call, CEO Sundar Pichai provided additional information, stating that the short video platform, Shorts, has reached a daily viewership of 70 billion, up from an earlier figure of 50 billion at the beginning of the year. Furthermore, Ruth Porat, Chief Investment Officer and CFO, mentioned that the cloud business continues to demonstrate strong growth across all customer groups and geographic regions. These growth figures reflect customer cost controls implemented.
TLDR: Alphabet, the parent company of Google, reported a 11% increase in total revenue to $76.693 billion for the third quarter of 2023. YouTube advertising revenue grew 12% to $7.952 billion, while Google Cloud revenue surged 22% to $8.411 billion with a specific profit of $266 million. Other revenue sources, including hardware and subscriptions, increased 21% to $8.339 billion. The short video platform, Shorts, reached a daily viewership of 70 billion.