Alphabet announces $19.7bn net income for Q3 2023, marking 41.5% yearly growth

Alphabet, the parent organization of Google, has shared its Q3 2023 financial performance, registering a significant net income of $19.69 billion. This figure denotes a sizable 41.5% increase when juxtaposed against the $13.91 billion from Q3 2022. The tech conglomerate’s diluted earnings per share (EPS) for the period concluding on September 30, 2023, stood at $1.55, reflecting a 46.2% growth from the $1.06 of Q3 2022.

Breakdown of Alphabet’s Earnings

Q3 2023 Revenue: A 11% Uptick to $76.69bn

The company’s total revenue for Q3 2023 experienced an 11% rise, reaching $76.69 billion. This was an upward move from the $69.09 billion in the same quarter of the preceding year. For context, in Q2 2023, the firm had registered revenues amounting to $74.6 billion.

Google’s parent Alphabet reports $19.69bn net income for Q3 2023. Photo courtesy of Hameltion/Wikimedia Commons.

Notable Performance in Google’s Various Business Sectors

Google Advertising Business Flourishes: For the reported quarter, Alphabet garnered $59.64 billion in revenue from its Google advertising arm. This presented a 9.5% surge compared to the $54.48 billion from Q3 2022. The income distribution included revenues from Google Search and other avenues ($44.02 billion), YouTube ads ($7.95 billion), and the Google Network ($7.66 billion).

Google Services Business Sees 10.7% Rise: Revenues for the Google Services business in Q3 2023 touched $67.98 billion, up by 10.7% against the $61.37 billion of Q3 2022.

Google Cloud‘s Stellar Performance: Google Cloud witnessed an impressive revenue influx of $8.41 billion during the quarter, marking a 22.6% spike from the $6.86 billion in the analogous period of 2022.

Ruth Porat, the President and CIO of Alphabet, highlighted the firm’s robust state: “The fundamental strength of our business was apparent again in Q3, with $77bn in revenue, up 11% year over year, driven by meaningful growth in Search and YouTube, and momentum in Cloud.”

Meanwhile, Sundar Pichai, the CEO of Alphabet, elaborated on the company’s strides: “I’m pleased with our financial results and our product momentum this quarter, with AI-driven innovations across Search, YouTube, Cloud, our Pixel devices and more.”