October 30, 2024 – Alphabet, the parent company of Google, today released its financial results for the third quarter of fiscal year 2024, ended September 30. The report revealed that the tech giant achieved a total revenue of 882.68billion,markinga15766.93 billion reported in the same period last year. When adjusted for currency fluctuations, the growth rate stood at 16%.
According to U.S. Generally Accepted Accounting Principles (GAAP), Alphabet reported a net income of 263.01billionforthequarter,asignificant34196.89 billion earned in the corresponding quarter of the previous year. Earnings per diluted share also saw an increase, reaching 2.12comparedto1.55 in the same quarter of 2023.
Within Alphabet’s Google segment, the Search and other businesses generated 493.85billioninrevenue,upfrom440.26 billion in the prior-year quarter. YouTube’s advertising business also experienced growth, with revenue reaching 89.21billion,anincreasefrom79.52 billion in the third quarter of 2023.
Overall, Google’s advertising revenue for the quarter amounted to 658.54billion,higherthanthe596.47 billion reported in the same quarter last year. Google Cloud, another key business segment within Alphabet, reported robust revenue growth, reaching 113.53billioncomparedto84.11 billion in the corresponding quarter of 2023.
In terms of cash flow, Alphabet reported a free cash flow of $176.37 billion for the quarter. However, the company’s global headcount saw a slight decrease, with 181,269 full-time employees as of September 30, 2024, compared to 182,381 employees in the same period last year.
