Q3 2024 Alphabet Inc Earnings Call Transcript
Key Points
- Alphabet Inc (GOOG) reported a 15% increase in consolidated revenue, with Google Cloud revenue growing by 35% year-over-year.
- The company has made significant advancements in AI, with the Gemini models being integrated across all major products and platforms, reaching over 1 billion users.
- YouTube's combined ad and subscription revenue surpassed $50 billion over the past four quarters, driven by strong growth in YouTube TV, NFL Sunday Ticket, and YouTube Music Premium.
- Alphabet Inc (GOOG) is making substantial investments in clean energy, including a corporate agreement to purchase nuclear energy, supporting its commitment to sustainability.
- The company is seeing strong engagement and increased search usage with the rollout of AI Overviews to over 100 new countries and territories.
- Network advertising revenue declined by 2% year-over-year, indicating challenges in this segment.
- The company faces potential legal challenges from the DOJ, which could impact its search agreements with partners like Apple.
- Alphabet Inc (GOOG) is experiencing increased costs, with total cost of revenue up by 10% and operating expenses rising by 5%.
- There is a headwind to year-over-year growth in subscription platforms and devices revenue due to the pull forward of Made by Google launches.
- The company is facing increased competition in the AI space, with a need to continuously innovate to maintain its leadership position.
Welcome, everyone, and thank you for standing by for the Alphabet third-quarter 2024 earnings conference call. (Operator Instructions)
I would now like to hand the conference over to your speaker today, Jim Friedland, Senior Director of Investor Relation. Please go ahead.
Thank you. Good afternoon, everyone, and welcome to Alphabet's third-quarter 2024 earnings conference call. With us today are Sundar Pichai, Philipp Schindler, and Anat Ashkenazi.
Now, I'll quickly cover the Safe Harbor. Some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties.
Actual results could differ materially. Please refer to our Forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update any forward-looking statement.
During this call, we'll present both
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