Alphabet sees income, revenue growth with AI surge

​​​​​​​By Ovunc Kutlu

ISTANBUL (AA) - Alphabet saw income and revenue growth in the third quarter, according to a financial results statement released late Tuesday.

Google's parent company posted revenues of $88.3 billion for the quarter that ended Sept. 30, up 15.1% from approximately $76.7 billion in the same period of 2023.

Net income jumped 33.5% to almost $26.3 billion from around $19.7 billion.

"The momentum across the company is extraordinary," CEO Sundar Pichai said in the statement. "Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off with consumers and partners benefiting from our AI tools."

Google Cloud revenue soared 34.5% to more than $11.3 billion from $8.4 billion year-on-year.

"In Cloud, our AI solutions are helping drive deeper product adoption with existing customers, attract new customers and win larger deals," said Pichai. "And YouTube’s total ads and subscription revenues surpassed $50 billion over the past four quarters for the first time."

Amid positive results, Alphabet's stock price was up 6.7% in pre-market hours Wednesday on the Nasdaq.