Alphabet Inc., Google's parent company, saw its stock rise 5.9% in after-hours trading following a strong Q3 earnings report that beat Wall Street estimates, primarily due to its growing artificial intelligence sector.
The stock closed at $171.14 and increased to $181.22 after hours, marking a 21.73% rise year-to-date.
For Q3, Alphabet reported revenues of $88.27 billion, a 15% increase from the previous year, and earnings per share of $2.12, surpassing estimates of $1.85.
Google Cloud revenues jumped 35% year-over-year to $11.4 billion, reflecting significant growth in AI infrastructure and products.
These results precede earnings reports from rivals Meta and Microsoft on October 30, and Amazon and Apple on October 31.
The MAMAA stocks have all surged this year, driven by AI investments. In August, Google launched its advanced AI model, Gemini 1.5 Pro, which outperformed previous industry leaders.
Alphabet’s Google Ads remains its top revenue source, bringing in $65.86 billion in Q3, up 10.4% year-over-year, followed by Google Search, which generated $49.39 billion, a 10.9% increase.
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The crypto market shed 1.02% in the past 24 hours, led by a sharp Bitcoin drop and fading altcoin interest.
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