Alphabet earnings grow again in Q3, but its Cloud service lags behind



What you need to know

  • Alphabet’s Q3 2023 earnings report sees the company generating $76.69 billion in earned revenue, an 11% increase YoY.
  • Search generated $44.02 billion, YouTube ads gained $7.95 billion, while Google Cloud disappointed expectations, only generating $8.4 billion.
  • Analysts attribute Google Cloud’s miss to customers cutting back on spending amid the current “macro backdrop.”

Alphabet has released its earnings report for Q3 2023, which concluded at the end of September. Following the closing bell today, the company reported $76.69 billion in earned revenue for Q3, slightly above what was expected by analysts, according to CNBC. Furthermore, this increase in revenue marks an 11% YoY (year-over-year) increase for the company.

Alphabet’s president and chief investment officer, Ruth Porat said, “The fundamental strength of our business was apparent again in Q3,” considering the aforementioned statistics. Porat added this was driven by “meaningful growth in Search and YouTube, and momentum in Cloud.”





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