"Google parent Alphabet beat Wall Street estimates for third-quarter revenue on Wednesday, as both its core advertising business and cloud computing unit showed steady growth. Shares of the company rose 6% in extended trading. The company reported total revenue of $102.35 billion for the quarter, compared with analysts' average estimate of $99.89 billion, according to data compiled by LSEG. The cloud services and AI giant raised its capital expenditure forecast for the year to between $91 billion and $93 billion,"
"Google Cloud remained one of Alphabet's fastest-growing segments, benefiting from surging enterprise demand for AI-powered infrastructure and data analytics services. The unit posted revenue of $15.16 billion, topping estimates of $14.72 billion. The performance was likely boosted by burgeoning enterprise demand for its AI infrastructure. The unit continues to close the gap with larger rivals Microsoft Azure and Amazon Web Services, aided by strong take-up of Vertex AI and custom Tensor Processing Units."
Alphabet reported third-quarter revenue of $102.35 billion, exceeding analysts' estimate of $99.89 billion, and its shares rose 6% in extended trading. The company raised full-year capital expenditure guidance to $91–$93 billion, above previous estimates of $80.67 billion. Google Cloud posted $15.16 billion in revenue, beating estimates of $14.72 billion, supported by enterprise demand for AI infrastructure and data analytics. The cloud unit is narrowing the gap with Microsoft Azure and AWS thanks to Vertex AI and custom TPUs. Advertising remains the largest revenue source amid cautious advertiser spending and intensified competition in AI and cloud services.
Read at Fast Company
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