Shares of the company rose 3% in extended trading
topped third-quarter revenue expectations on Tuesday, helped by a 10% jump in its digital advertising business and an AI-driven jump in demand for its cloud services.
Alphabet also beat profit expectations with earnings of $2.12 per share, compared with an average market estimate of $1.85, according to LSEG. Google’s dominant position in the digital advertising market has helped attract marketing dollars even as social media platforms such as Instagram and TikTok and ad services offered by the likes ofThe healthy ad sales numbers from Google also suggest that the online advertising market remains strong, thanks to increased political spending ahead of the U.S. presidential election, as well as big-ticket events such as the 2024 Paris Olympics which ended in August.
Digital advertising sales – the biggest chunk of Alphabet’s total revenue – rose to $65.85 billion from $59.65 billion.
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