Google’s parent company, Alphabet Inc, has posted its Q3 earnings results, disclosing a huge jump in revenues owing to a strong implementation of a suite of AI services alongside its core business segments, as per an official press release.
Consolidated revenues for the technology firm touched the three-digit mark, reaching $102.3 billion. Revenues for two of the business’s core segments—Google Services and Google Cloud—increased by 14% and 34% to $87.1 billion and $15.2 billion on a y-o-y basis.
CEO Sundar Pichai referred to the company’s set of AI tools and services which are helping to drive massive growth for revenues.
“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,” said Pichai
“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,” he also said.
In early September, Google was slapped with a fine of $3.5 billion by the European Commission for a breach of anti-trust rules. As per a note in the report, the company has absorbed it into general and administrative expenses under their Google Services segment.
Source: Google Finance
Alphabet shares closed 2.45% higher on Thursday at a price of $281.90.