Alphabet, the parent company of Google, has released its financial report for the third quarter of 2023. The company’s total revenue reached $76.693 billion, marking an 11% increase compared to the same period last year. As per GAAP accounting standards, the net profit stood at $19.689 billion.
The revenue breakdown for Alphabet’s interesting business segments is as follows.
– YouTube advertising revenue amounted to $9.2 billion, showing a 15% growth.
– Advertising on the Google Network generated $8.297 billion, experiencing a 2% decline.
– Advertising on Google Search and other platforms generated $48.02 billion, showing a 13% increase.
– Revenue from subscriptions, platforms, and hardware (previously referred to as Google’s other services) reached $10.794 billion, showing a remarkable 23% increase.
– Google Cloud revenue amounted to $9.192 billion, experiencing a substantial growth of 26%, with a specific profit of $864 million.
– The Other Bets business group generated revenue of $657 million, marking a significant 191% increase, but incurred a specific loss of $863 million.
As of December, Alphabet reported a decrease in its employee count to 182,502 individuals, compared to 190,234 employees at the end of 2022.
CEO Sundar Pichai stated that the company remains resilient in the search business and is experiencing growth from YouTube and Google Cloud. All of these segments have benefited from Alphabet’s investments in AI and various innovations. Currently, the company is stepping into the era of Gemini, where the best is yet to come.
TLDR: Alphabet, the parent company of Google, has reported a 11% increase in total revenue for Q3 2023 compared to the previous year. YouTube and Google Cloud are driving growth, supported by investments in AI and innovation. The company is entering the era of Gemini, with promising opportunities ahead.
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