Alphabet 2023Q3, Google's parent company, had revenue of $76.7 billion, up 11% from a year earlier

CTOnews.com, Oct. 25 (Xinhua)-- Google's parent company Alphabet on Tuesday reported third-quarter revenue of $76.7 billion, up 11% from a year earlier and exceeding Wall Street expectations. However, the company's shares fell about 5 per cent in after-hours trading as revenue from the cloud business fell below analysts' forecasts.

Advertising remains Google's core business and main profit driver. Advertising revenue reached $59.65 billion (CTOnews.com Note: currently about 436.041 billion yuan), a year-on-year increase of 9.5%.

YouTube ads rose 12.5% to $7.95 billion, exceeding analysts' expectations of $7.82 billion. The video platform has helped offset inflationary pressures in other parts of Google's advertising business.

Google's advertising network fell 2.6%, but that's an improvement from the 5% loss reported in the second quarter of 2023.

Alphabet's cloud division, Google Cloud, had revenue of $8.41 billion this quarter, below StreetAccount's forecast of $8.64 billion. Still, cloud sales are up 22% year-on-year, as the company aims to challenge market leaders Amazon Web Services and Microsoft Azure.

Ruth Porat, chief financial officer of Alphabet, said: "driven by the significant growth in search and YouTube and the momentum of the cloud, the basic strength of our business re-emerged in the third quarter, with revenues of $77 billion, up 11 per cent from a year earlier. We will continue to focus on smart capital allocation to achieve sustainable financial value.