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For the first time in the company’s history, Alphabet has surpassed $100 billion of revenue during the quarter. The company reported its history-making results on Wednesday. “Alphabet had a terrific quarter, with double-digit growth across every major part of our business,” Sundar Pichai, CEO of Alphabet and Google, wrote in a letter to shareholders. Heading into the report, investors expected a big quarter for the company. During the three months ending in September, the company’s stock price soared 38%, hitting its best quarterly performance in two decades. In October alone its stock price climbed 11%, and Alphabet closed at a record all-time of $269.93. Much of this bump reflects the increased optimism around Google in the AI race now that a ruling has been made in the company’s search antitrust case. In September, U.S. District Judge Amit Mehta ruled Google would not have to sell off its Chrome browser and it will still be able to mine search results for its generative AI product. But it was more of a compromise than an outright victory for Google as the search company will now have to share data with its competitors. Here are the quarter’s results: Net income: $34.98 billion, a 33% increase compared to $26.3 billion a year ago. Earnings per share: $2.87 per share, compared to $2.27 per share expected from analysts estimates compiled by Yahoo Finance. Revenue: $102.3 billion, up 16% year over year and above the $100.1 billion expected from analysts estimates compiled by Yahoo Finance. YouTube Ad Revenue: $10.3 billion, a 16% increase from the $8.9 billion reported a year ago. Google Subscriptions, Platforms and Devices: $12.9 billion, a 21% increase from the $10.7 billion reported a year ago. More to come …
