Despite a difficult advertising climate, Alphabet rode strong results from search and YouTube to record a net income increase of 41.5% to $19.69 billion, or diluted earnings of $1.55 per share, for its third quarter, beating Wall Street expectations. Revenue grew to $76.6 billion, an 11% year-over-year increase, the company said Tuesday.
Analysts surveyed by Zacks Investment Research were expecting the Google and YouTube parent company to report earnings of $1.45 per share and revenue of $63.13 billion.
Ad revenue at YouTube grew 12% from $7.07 billion to $7.95 billion. Meanwhile, the Google search and “other” segment reported $44.03 billion in revenue, up 11% from the previous third quarter.