AI powers another quarter as Google, Snap and Reddit report Q3 results

Mounting legal pressure and potential AI competition hasn’t slowed down Google’s ads business — or at least not yet.

On Tuesday, Alphabet reported third-quarter 2024 revenue of $88.3 billion, reflecting a 15% year-over-year increase, driven by strong performance across Google Services. The segment, which includes the company’s ad operations, generated $76.5 billion in revenue — up 13% from the previous year — fueled by gains in Google search and YouTube ads. 

Revenue from “search ads and others” totaled $49.4 billion, rising from $44 billion a year ago, while search ad revenue grew 12%. YouTube ad revenue grew to $8.92 billion, up from $7.95 billion. Verticals like financial services and retail have been especially strong, but Google chief business officer Phillip Schindler told analysts that election-related ads provided a “slight tailwind,” especially for YouTube ads.

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