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Alphabet Reports Strong Q3 Earnings
Alphabet Inc. (NASDAQ: GOOG, GOOGL) reported a revenue increase of 16% to $102.3 billion and a 35% rise in earnings per share to $2.37 in the third quarter of 2023, surpassing analyst expectations. The company’s stock surged 15.7% in October, indicating solid growth in its core Search business, which grew by 14.5%, and a remarkable 34% increase in Cloud revenue.
Key Developments
In October, Alphabet also made progress in autonomous driving technologies and quantum computing, with the latter achieving a “verifiable quantum advantage” using its Willow quantum chip. Meanwhile, AI start-up Anthropic announced a cloud computing partnership with Google Cloud, anticipating revenues of $9 billion by the end of 2023, potentially tripling to $26 billion in 2024.
Market Context
Despite a 50% increase in shares this year, Alphabet continues to appear attractive, trading at 28 times trailing earnings, positioning it as a potential leader in artificial intelligence and related sectors.
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