Alphabet's ad revenue surges 9.48% to $59,647 million in Q3FY23

Alphabet Inc, the parent company of Google and YouTube, has reported a 9.48% increase on a YoY basis, in its advertising revenue clocked in during the third quarter of the current fiscal year.

In Q3FY23, Alphabet has clocked in a cumulative ad revenue of $59,647 million, of which Google Search and others accounted for $44,026 million, YouTube ads $7,952 million and Google Network for $7,669 million.

In the corresponding quarter of the previous year, it had amassed $54,482 million from advertising. At the time, the ad revenue from Google Search and others stood at $39,539 million, YouTube ads $7,071 million and Google Network for $7,872 million.

This implies that the ad revenue from Google Search and others grew by 11.35% followed by  YouTube ads by 12.46%, on a YoY basis.

However, it was Google Network which witnessed a slashing of 2.57% when compared to the third quarter of the previous fiscal year.

On a rather wholesome note, Alphabet’s revenues also soared by 11% in Q3 of FY23 to $76,693. Last year, the tech major had clocked in $69,092 million in the corresponding quarter.

Its Operating Income during Q3FY23 also summed up to $21,343 million which is up 24.56% YoY, from $17,135 million it clocked in during the corresponding quarter of the previous year.

The Net Income of the company also went up by 41.55% YoY from $13,910 million in Q3 of FY22 to $19,689 million in Q3 of FY23.

Sharing his views on the quarterly results, Sundar Pichai, CEO, Alphabet, said, “I’m pleased with our financial results and our product momentum this quarter, with AIdriven innovations across Search, YouTube, Cloud, our Pixel devices and more. We’re continuing to focus on making AI more helpful for everyone; there’s exciting progress and lots more to come.”

Ruth Porat, President, Chief Investment Officer and CFO, Alphabet also said, “The fundamental strength of our business was apparent again in Q3, with $77 billion in revenue, up 11% year over year, driven by meaningful growth in Search and YouTube, and momentum in Cloud. We continue to focus on judicious capital allocation to deliver sustainable financial value.”

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