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Alphabet Inc. (GOOGL) reported a record Q3 revenue of $102.3 billion on Wednesday, driven by AI innovations and strong advertising growth in its Search and YouTube services. This marks the first quarter in which the company’s revenue surpassed $100 billion, with a year-over-year growth of 16%.
Google Cloud experienced a notable 34% growth in Q3, slightly outpacing Microsoft Azure. Alphabet’s overall sales, excluding traffic acquisition costs, rose 17% to $84.47 billion, surpassing estimates of $84.96 billion. Additionally, diluted earnings per share (EPS) soared 35% year-over-year to $2.87, exceeding expectations of $2.26 by 27%.
In the wake of these results, Alphabet’s stock has increased by approximately 50% year-to-date, positioning it among the top performers in the “Mag 7” group of tech stocks.
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