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 Google’s core “search ads and others” category totaled $49.4 billion for a 12% increase over the third quarter of 2023. YouTube ad revenue also grew by 12% to $8.92 billion from $7.95 billion. Overall, ads in verticals like financial services and retail were especially strong, said Google chief business officer Phillip Schindler, who told analysts election-related ads provided a “slight tailwind,” especially for YouTube ads.

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