Alphabet Shares Surge 5% as Q3 Revenue Hits $102.4 Billion, Crushing Wall Street Expectations
Summary
Alphabet shares surge 5% as Q3 revenue soars to $102.4 billion, crushing Wall Street's $99.85 billion expectations, driven by Google Cloud's explosive 34% growth to $15.2 billion from AI demand and major partnerships with OpenAI and Meta.
Key Points
- Alphabet reports Q3 revenue of $102.4 billion, surpassing Wall Street expectations of $99.85 billion, with shares jumping over 5% in morning trading
- Google Cloud drives growth with 34% revenue increase to $15.2 billion, fueled by enterprise AI demand and multiple billion-dollar deals including partnerships with OpenAI and Meta
- Adjusted earnings per share reaches $2.87, beating analyst projections of $2.27, while the company increases capital expenditure forecast to $92 billion for AI infrastructure investments