Google parent Alphabet’s results beat analysts’ estimates – Both Google parent Alphabet’s third-quarter revenue and profit beat analysts’ estimates. In this context, the company’s shares boosted by 3%.

In particular, earnings per share amounted to $2.12, compared to $1.85 expected by analysts. Revenue came in at $88.27 billion, compared with $86.30 billion in average estimates, recording an increase of 15% compared to the corresponding period last year.

The company reported cloud revenue at $11.35 billion — almost 35% higher from $8.41 billion a year ago. The company attributed its strong results to its cloud, AI offerings, which include subscriptions for enterprise customers.

Meta and Microsoft report results on Wednesday, followed by Apple and Amazon on Thursday.

The company reported advertising revenue of $65.85 billion — up from $59.65 billion a year ago, showing that Google’s ad business continues to grow, albeit at a slower pace than in the second quarter.

YouTube ad revenue beat analysts’ expectations, showing better growth than the previous quarter. The Google-owned company is facing increased pressure from other advertiser options such as Netflix, TikTok and Amazon.

Alphabet’s third quarter was full of “turbulence” externally and internally, including at its highest levels and most important businesses.

Earlier this month, the company replaced Prabhakar Raghavan, the company’s head of search and advertising since 2018, with Nick Fox, a longtime executive known for his role in Google’s Assistant unit. In addition, the team working on the Gemini app, which includes the company’s direct-to-consumer AI products, will join Google DeepMind led by Demis Hassabis.

The company announced on Tuesday that it is evaluating how this reorganization will affect its segment’s operating results.