YouTube Hits $8.9B in Ad Revenue As Alphabet Beats Wall Street Expectations

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As a long-time YouTube enthusiast and tech aficionado, I must say that the latest financial reports from Alphabet Inc., particularly the impressive growth of YouTube, have left me absolutely thrilled! The $8.9 billion advertising revenue in just one quarter is simply mind-boggling. And let’s not forget the 15% year-over-year increase in overall revenue, reaching a staggering $88.3 billion!

YouTube’s advertising earnings surged to an impressive $8.9 billion during the third quarter of 2024, marking a significant increase compared to the same period the previous year with revenues of $7.9 billion.

Google’s overarching company, Alphabet Inc., surpassed financial forecasts in both revenue and profit, recording a 15% year-on-year increase to hit an impressive $88.3 billion. The majority of this income stemmed from Google advertising. Notably, the net income also saw a substantial rise by 34%, amounting to $26.3 billion. This translates to earnings per share (EPS) of $2.12. Initially, analysts had predicted EPS of $1.85 and a total revenue of $86.3 billion.

Google’s assortment of subscription services, digital platforms, and devices, encompassing YouTube TV, NFL Sunday Ticket, and YouTube Premium along with additional products, generated a total income of $10.6 billion – an increase compared to the $8.3 billion earned last year.

For the very first time, YouTube’s combined ad and subscription earnings surpassed $50 billion throughout the last four quarters, as stated by Alphabet CEO Sundar Pichai.

The business has shared significant improvements coming soon for YouTube, such as a sleep timer, adjustable playback speeds, an innovative feature that lets you design custom playlist thumbnails with AI, and various other enhancements.

Pichai stated that the energy within the company is exceptional. He highlighted our dedication to innovation and our persistent investment in AI, which is proving fruitful as both consumers and partners are reaping the benefits of our AI technology. In the realm of Search, our latest AI capabilities are broadening the scope and methodology of what can be searched. In Cloud, our AI offerings are boosting the adoption of our products among existing clients, attracting new customers, and securing larger deals. Moreover, YouTube’s combined ad and subscription revenues surpassed $50 billion over the last four quarters for the first time. We recorded robust revenue growth in the quarter, and our initiatives to enhance efficiency resulted in improved profit margins. I am excited about further progress for consumers, clients, and content creators worldwide.

More to come.

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2024-10-29 23:59