Google parent Alphabet said on Tuesday its AI investments were “paying off” as it reported a 35 per cent surge in its cloud business and US election-related spending lifted YouTube ad sales in the third quarter.
“Alphabet is the first major tech name to report earnings, and it hasn’t disappointed,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown. “Cloud growth was strong ... which continues to support the argument that the major cloud providers are well-placed to benefit from the AI revolution.”Ratoath residential site with scope for 57 apartments
Some analysts said Alphabet’s quarter looked impressive compared with low expectations, and that its small but growing cloud business could slowly fill in for its slowing ad business. Google’s long-established dominance of the digital ad market is under threat from Amazon and TikTok, which have become popular with advertisers looking to tap a ready pool of buyers. Its Search business is also facing scrutiny from regulators seeking to break up the company.
Google has rolled out ads in AI Overviews, which use generative AI to summarize content from a range of sources and display concise results for search queries. “We had a slight tailwind from election-related ad spend in the third quarter, which was a little bit more pronounced in YouTube ads,” Google’s chief business officer, Philipp Schindler, said on a post-earnings call. Social media company Snap, which also depends on advertising, posted good news for shareholders, topping Wall Street targets for quarterly revenue and user growth, sending shares up 6% in after-hours trading.
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