YouTube Ad Rebound Helps Alphabet Beat Q3 Expectations, But Shares Still Dip After Hours
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deadline.comYouTube advertising revenue increased 12% to $7.95 billion in the third quarter compared with the same period a year ago, helping corporate parent Alphabet beat Wall Street expectations.
Total revenue rose 11% over the year-earlier quarter to hit $76.7 billion, while earnings per share surged to $1.55 from $1.06.
Wall Street analysts had estimated revenue of $71.6 billion and EPS of $1.36. Despite the results coming in well above forecasts, Alphabet shares slipped more than 5%.
They came into earnings up 59% this year to date. The main flaw in the earnings report that was seized upon by investors was the performance of Alphabet’s cloud business.
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