YouTube kept raking in huge bucks in the third quarter of 2021.
The world’s largest video platform generated $7.205 billion in advertising revenue for the period, an annual increase of 43%. That’s a new quarterly record for YouTube, up from $7 billion in Q2, and put it in range of Netflix’s Q3 revenue of $7.48 billion.
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Overall, Alphabet — the parent company of Google and YouTube — posted $65.12 billion in revenue, up 41%, and earnings per share of $27.99, handily beating estimates. Wall Street analysts on average expected Alphabet Q3 revenue to come in at $63.45 billion and EPS to be $23.47, per Refinitiv data.
“Five years ago, I laid out our vision to become an AI-first company. This quarter’s results show how our investments there are enabling us to build more helpful products for people and our partners,” Sundar Pichai, CEO of Alphabet and Google, said in announcing earnings. He cited ongoing improvements to Google Search and the newly announced Android Pixel 6 smartphone as examples of the successful execution of the strategy.
The Google Cloud business also showed strong growth, with Q3 revenue hitting $4.99 billion, up 45%. The unit narrowed its quarterly loss to $644 million, versus $1.21 billion in the year-ago period.
More to come.
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