Google surprises Wall Street with Q3 earnings beat

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Google surprises Wall Street with Q3 earnings beat

By:

Matthew Keys

mkeys@thedesk.net

•

October 29, 2024

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Google's Search product is displayed on a tablet computer. (Stock image via Pexels, Graphic by The Desk) — Google’s Search product is displayed on a tablet computer. (Stock image via Pexels, Graphic by The Desk)

Google disclosed top and bottom line revenue during its third quarter (Q3) on Wednesday that blew past expectations from Wall Street analysts.

The search and advertising giant earned $88.27 billion during Q3, bolstered by its cloud computing services and the health of its search and video businesses. Wall Street analysts were predicting something closer to $86.3 billion for Q3.

Q3 revenue attributed to Google Cloud clocked in at $11.35 billion, while YouTube advertising revenue came in at $8.92 billion. YouTube’s advertising and subscription business surpassed $50 billion year to date, the company disclosed.

The results sent the stock price up 3 percent in after-hours trading.

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About the Author:

Matthew Keys

Matthew Keys is the award-winning founder and editor of TheDesk.net, an authoritative voice on broadcast and streaming TV, media and tech. With over ten years of experience, he's a recognized expert in broadcast, streaming, and digital media, with work featured in publications such as StreamTV Insider and Digital Content Next, and past roles at Thomson Reuters and Disney-ABC Television Group.