Alphabet (GOOGL) Revenue Surges 41% in Q3, Stock Dips

Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) reported its Q3 results, with EPS coming in at $27.99, beating the consensus estimate of $23.47. Quarterly revenue grew 41% year-over-year to $65.12 billion, which is better than the Street estimate of $63.45 billion.

CEO Sundar Pichai said the quarter’s results show how their past investments in AI are paying off.

The YouTube ad business grew to $7.2 billion from $5 billion last year, or 43%. Total ad sales were $53.13 billion, up from $37.095 billion last year.

Google cloud revenue was $4.99 billion, versus $3.44 billion.

Despite the beat, shares are down 1.3% after-hours.

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