Alphabet Shares Surge 5% to Record Highs as Q3 Revenue Hits $102.4B, Google Cloud Soars 34%
Summary
Alphabet shares rocket 5% to record highs as Q3 revenue soars to $102.4 billion, driven by Google Cloud's explosive 34% growth to $15.2 billion amid surging AI demand that's pushing the tech giant to raise capital spending guidance to $92 billion for massive data center expansion.
Key Points
- Alphabet shares surge 5% to all-time highs after reporting Q3 revenue of $102.4 billion and adjusted earnings per share of $2.87, both beating analyst expectations
- Google Cloud drives growth with 34% revenue increase to $15.2 billion, powered by large AI-related enterprise deals and a backlog expanding to $155 billion
- Company raises full-year capital expenditure guidance to $92 billion midpoint to fund AI data center investments as customer demand for computing capacity exceeds available supply