Google’s parent technology company Alphabet on Tuesday reported cumulative profit of $53.108 million in the first nine months of the fiscal year, an increase of 15% from the previous year, with the growth attributed to advances in artificial intelligence (AI).

The American company achieved cumulative revenue of $221.084 million in the three quarters ended September 30, 7% higher than the same period last year, a statement said. .

In the third quarter, the most followed by Wall Street analysts, Alphabet reported a profit of $19.689 million and revenue of $76.693 million, figures that respectively represent year-over-year increases of 42% and 11%.

The company’s CEO, Sundar Pichai, highlighted these latest results and attributed them to “AI innovations in search devices (Google), YouTube, Cloud, Pixel” and other services.

Advertising-related revenues, primarily from Google, increased 9% year-over-year to $59,647 million, and YouTube contributed $7,952 million, up 12%.

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Faced with these figures, the growth of Google Cloud stands out, the cloud service, whose billing increased by 22%, up to 8.411 million dollars, which led it to declare profits, compared to the losses of the previous year.

However, analysts noted that overall revenue was lower than expected, particularly from the cloud, an area in which Amazon and Microsoft are leaders and which is important for the development of AI.

Alphabet also indicated that it was weighing in its accounts the charges linked to layoffs carried out this year ($2.1 billion), the optimization of its offices ($649 million) and the depreciation of its facilities ($207 million). .

The results, published at the close of Wall Street, were poorly received by investors and its shares fell more than 5% in electronic trading. Since the start of 2023, the company has appreciated 58%.

With information from the EFE

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