Alphabet Google (GOOGL) reported its earnings late Tuesday, and both revenue and earnings beat the top and bottom lines of Wall Street analysts’ expectations. Google’s parent saw an almost five percent rise in share price on Wednesday morning. This stock price rise reaffirms CWEB analysts’ bullish stance on the stock for years. Alphabet reported strong growth in its cloud revenue and other companies.
The third quarter results reported an earnings per share of $2.12 with a net income of $26.3 billion, while analysts polled by LSEG estimated an EPS of $1.85. In the same quarter, a year ago, Alphabet reported net income of $19.7 billion or $1.55 earnings per share,
The tech giant reported revenue topped expectations by a couple of billion, at $88.27 billion, while LSEG expected $86.30 billion.
Alphabet reported massive growth in its Cloud division, with revenue of $11.35 billion. This is an increase of almost 35 percent from the same quarter a year ago when Google Cloud reported revenue of $8.41 billion. StreetAccount had an estimated revenue of $10.88 billion.
Other divisions also beat Street Account’s estimates, as YouTube advertising revenue was reported as $8.92 billion vs. $8.89 billion by StreetAccount.
Google’s search business remains a top grosser, with revenue of $49.4 billion. This large contributor to Alphabet’s revenue growth saw a 12.3 percent increase in growth in the third quarter compared with the same quarter a year ago.
Alphabet also reported increased advertising revenue to $65.85 billion, up from $59.65 billion a year ago.
Other divisions, such as the life sciences unit Verily and the self-driving car unit Waymo, reported revenue of $388 million. A year ago, these divisions called Other Bets reported $297 million in the third quarter.
Every division of Alphabet has seen revenue and earnings growth, making the Google parent a safe bet for investors and a stock that analysts like CWEB and others believe will continue growing in the years ahead.
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