Synopsis
Alphabet Inc., Google’s parent company, achieved a remarkable landmark by surpassing $100 billion in quarterly revenue for the very first time. For the third quarter, the tech giant estimated $102.3 billion in revenue and almost $35 billion in profit, or $2.87 per share, both beating market predictions. CEO Sundar Pichai cited that Alphabet is “investing to meet customer demand and capitalize on the growing opportunities across the company.”
Global Desk Alphabet Inc., the parent company of Google and YouTube, revealed a historic milestone on Wednesday, its first-ever quarter surpassing $100 billion in revenue, emphasizing the sustained dominance of its digital empire despite escalating legal challenges and competitive forces.
Alphabet’s financial outcomes for the July–September period featured exceptional development. The company reported a profit of approximately $35 billion, or $2.87 per share, making a 33% rise from the same period compared to last year. Overall revenue jumped to 16% year-over-year to reach $102.3 billion, easily outpacing market expectations.
“Google’s corporate parent on Wednesday announced its first-ever quarter with more than $100 billion in revenue, a milestone that illustrates the unwavering power of its internet empire amid legal and competitive threats.”
Investors Cheer Record-Breaking Results The earnings revelations sent Alphabet’s stock soaring, shares climbed to 6% in after-hours trading, building to a 30% rally from early September. This surge has elevated Alphabet’s market value by approximately $770 billion within a few months.
The momentum after a recent U.S. court decision in the Justice Department’s monopoly case against Google. U.S. District Judge Amit Mehta refused to break up the company, offering what analysts stated as a mild rebuke unlikely to hinder Google’s main search business. Mehta cited that rapid improvements in AI were already transforming the competitive environment, with upcoming “answer engines” like ChatGPT and
Read More