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Alphabet Inc Class C
NASDAQ: GOOG Internet Content & Information
$347.37
▲ $2.78 (+0.81%) today
Markets closed · 5:41pm ET

Google (GOOG) Q3 2024 Earnings

Reported Oct 29, 2024, 4:01pm ET · SEC source
$2.12
Beat +14.59%
EPS · est. $1.85
$88.3B
Beat +2.25%
Revenue · est. $86.3B
−5.9%
Trailing market
GOOG vs S&P since report
12 quarters
Consecutive EPS beats

How Did GOOG Stock React to Q3 2024 Earnings?

% change · around the report
−3%0+3%Oct 29Oct 30report 4:01pm ETearnings−0.7%+0.4%
−3%0+3%Oct 29Oct 30earnings−0.7%+0.4%
GOOG +0.4%S&P 500 −0.7%
−3%0+3%Oct 29Oct 30report 4:01pm ETearnings−1.4%+0.4%
−3%0+3%Oct 29Oct 30earnings−1.4%+0.4%
GOOG +0.4%NASDAQ −1.4%
−6%−3%0Oct 28Nov 6report 4:01pm ETearnings+1.6%−0.3%
−6%−3%0Oct 28Nov 6earnings+1.6%−0.3%
GOOG −0.3%S&P 500 +1.6%
−6%−3%0Oct 28Nov 6report 4:01pm ETearnings+1.2%−0.3%
−6%−3%0Oct 28Nov 6earnings+1.2%−0.3%
GOOG −0.3%NASDAQ +1.2%
+2.92%
Day of report
−1.96%
Next session
+1.24%
One week
−1.79%
30 days

S&P 500 over the same 30 days: +4.07%.

Did GOOG Beat Earnings? Q3 2024 Results

Yes. Google reported Q3 2024 earnings of $2.12 a share on Oct 29, 2024, beating the $1.85 consensus estimate by 14.6%. Revenue was $88.3B against a $86.3B estimate.

Alphabet capped a strong third quarter with results that handily cleared Wall Street's bar, posting earnings per share of $2.12 against a consensus estimate of $1.84, a beat of 15.22%, while revenue of $88.27 billion topped expectations by 2.28% and grew 15.1% year over year. The standout driver was Google Cloud, which delivered $11.35 billion in revenue, up 35% from a year ago, as enterprise demand for AI infrastructure and generative AI solutions accelerated sharply; Cloud operating income expanded to $1.95 billion from just $266 million in the prior-year period, underscoring how quickly the segment is converting growth into profit. Google Services held its own as well, with Search climbing to $49.38 billion and YouTube ads reaching $8.92 billion. Overall operating income rose 34% to $28.52 billion, pushing operating margin to 32.3%, while net income jumped 34% to $26.30 billion. Analysts tracking the company have pointed to AI as a structural tailwind across search, cloud, and video, lending credibility to the breadth of this quarter's outperformance.

Key Takeaways
  • Google Search & other revenue growth to $49.4 billion
  • Google Cloud revenue accelerated 35% YoY driven by AI Infrastructure and Generative AI Solutions
  • YouTube ads revenue grew to $8.9 billion
  • Google subscriptions, platforms, and devices revenue increased to $10.7 billion
  • Operating margin expanded 4.5 percentage points to 32% through efficiency improvements
  • Other income (expense) swung to $3.2 billion gain driven by equity securities gains

“The momentum across the company is extraordinary. 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 CEO, on the earnings call

GOOG YoY Financials

Q3 2024 vs Q3 2023 · SEC filings Q3 2023 Q3 2024
$0$30.0B$60.0B$90.0B$76.7B$88.3BRevenue$43.5B$51.8BGross Profit$21.3B$28.5BOperating Income$19.7B$26.3BNet Income
$0$30.0B$60.0B$90.0BRevenueGross ProfitOperating IncomeNet Income
GOOG income statement, Q3 2024 versus Q3 2023
Metric Q3 2024 Q3 2023 Year over year
Revenue $88.3B $76.7B +15.1%
Gross Profit $51.8B $43.5B +19.2%
Operating Income $28.5B $21.3B +33.6%
Net Income $26.3B $19.7B +33.6%

GOOG Revenue by Segment

Google Services$76.5B
Google advertising
Google Search & other$49.4B
Google Cloud$11.4B
Google subscriptions, platforms, and devices$10.7B
YouTube ads$8.9B
Google Network$7.5B
Other Bets$388.0M

GOOG Revenue by Geography

United States$43.1B+19.0%
EMEA$25.5B+12.0%
Asia Pacific$14.5B+11.0%
Other Americas
Americas$5.1B+12.0%

Figures from SEC filings and company reports. Not investment advice.