Alphabet Easily Exceeds Q3 Expectations
October 30, 2020
Alphabet reported financial results for the quarter ended September 30, 2020. Google delivered earnings per share of $16.40 with only $11.29 expected. On the top line, revenue came in at $46.17 billion with $42.90 billion sought by investors. On the cloud front, Google Cloud reported $3.44 billion with $3.32 billion anticipated. The YouTube platform ads produced $5.04 billion with $4.39 billion looked for. Traffic acquisition costs were $8.17 billion against $7.66 billion which were looked for by the street.
“We had a strong quarter, consistent with the broader online environment,” said Sundar Pichai, Chief Executive Officer of Alphabet and Google. “It’s also a testament to the deep investments we’ve made in AI and other technologies, to deliver services that people turn to for help, in moments big and small.”
“Total revenues of $46.2 billion in the third quarter reflect broad based growth led by an increase in advertiser spend in Search and YouTube as well as continued strength in Google Cloud and Play,” said Ruth Porat, Chief Financial Officer of Alphabet and Google. “We remain focused on making the right investments to support long term sustainable value.”
Q3 2020 financial highlights