YouTube advertising hit $10.3 billion in its third quarter, as the video giant continues to dominate the ad market.
Alphabet reported total revenue of $102.35 billion, up 16 percent year over year, and earnings per share of $2.87, with both coming in above analyst expectations of $2.27 EPS, and revenue of $100.14 billion. The YouTube advertising numbers are up 15 percent from $8.9 billion a year ago and $9.8 billion in the previous quarter.
The upward trend comes as YouTube has consistently led the sharing of TV viewing in the U.S. for months, making up 12.6 percent of all viewing in September, beating out Netflix and other streaming services.
In total, the company now boasts more than 300 million paid subscribers led by Google One, which offers expanded cloud service, and YouTube Premium, which offers watching without ads.
Google Services revenues increased 14 percent to $87.1 billion, which the company said was due to “robust performance” in Google Search & other, Google subscriptions, platforms, and devices, and YouTube ads.
“Alphabet had a terrific quarter, with double-digit growth across every major part of our business. We delivered our first-ever $100 billion quarter,” said Sundar Pichai, CEO of Alphabet and Google. “Our full stack approach to AI is delivering strong momentum and we’re shipping at speed, including the global rollout of AI Overviews and AI Mode in Search in record time. In addition to topping leaderboards, our first party models, like Gemini, now process 7 billion tokens per minute, via direct API use by our customers. The Gemini App now has over 650 million monthly active users. We continue to drive strong growth in new businesses. Google Cloud accelerated, ending the quarter with $155 billion in backlog. And we have over 300 million paid subscriptions led by Google One and YouTube Premium.”
More to come.
