4 sources·Business

Alphabet Reports Strong Q3 Earnings Amid Antitrust Challenges

Alphabet, Google's parent company, reports better-than-expected earnings and revenue while facing ongoing antitrust scrutiny and challenges in the AI market.

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Updated: Oct 29th, 2024, 8:23 PM ET

Summary

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Alphabet exceeded Wall Street expectations with a 15% revenue increase to $88.27 billion and a 34% rise in profits to $26.3 billion. Despite strong growth in both digital advertising and Google Cloud, regulatory concerns loom as the company faces multiple antitrust cases. CEO Sundar Pichai attributes the success to long-term investments in AI, while capital expenditures have surged due to competitive pressures. Google's stocks rose 5% in after-hours trading following the earnings report, highlighting investor optimism despite ongoing legal uncertainties.

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