Google parent Alphabet set to report surge in Q3 earnings driven by Cloud growth
Last updated: 10:15 29 Oct 2024 EDT, First published: 09:54 25 Oct 2024 EDT
Alphabet Inc (NASDAQ:GOOG), Google's parent company, is expected to report strong growth on top and bottom lines for the third quarter when it hands down its latest financial report after US markets close on Tuesday, October 29.
Wall Street analysts, on average, see earnings per share surging 18% year-over-year to $1.83 from $1.55.
Revenue is expected to grow almost 14% to $72.85 billion from $64 billion for Q3 2023.
Google Cloud revenue growth is seen at almost 30% to $10.91 billion, up from $8.41 billion in the year-ago quarter.
Advertising revenue will be scrutinized, amid competition concerns and legal challenges for Google. However, the company’s advertising revenue should have benefited from increased spending in the US in the leadup to the Presidential election in early November.
Analysts expect a 9.4% year-over-year jump in Google advertising revenues, at $65.22 billion, with YouTube ads revenue seen up 11.4% at $8.86 billion.
Shares of Alphabet traded up 0.6% at $169.41 in early trade on Tuesday.
- Updated with share price movement -
