Google / Alphabet reported its Q3 2024 earnings last *****, where its ad revenue hit $65.85 billion, up 10% from last year’s quarter of $59.65 billion. Google’s revenue was up 15% with $88.3 billion and its profit was up 33% to $26.3B. Search revenue specifically was up 12% to $49.39 billion.
I believe this is the highest ad revenue quarter Google ever reported, by 0.5% in Q4 2023.
Of course, I like to focus on the ad revenue earnings and how, quarter after quarter, Google somehow squeezes out more ad dollars. Overall, ad dollars were up 10% from $59,647 to $65,854; search revenue was up 12% from $44,026 to $49,385. That is some big big numbers and a lot of coins coming out of your cushions.
Sundar Pichai, CEO, said: “The momentum across the company is extraordinary. Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off with consumers and partners benefiting from our AI tools.”
Meanwhile, Reddit earnings soar 16%. 🙂
That makes Google ad revenue increases this quarter, the previous quarter, the previous quarter, the quarter before that and the quarter before that.
This is the best ad revenue quarter Google ever reported- with $65.85 billion. The second best was the Q4 2023 earnings where Google had ad revenue of $65.52 billion, which is 05.5% more.
Also, Google was able to lower their costs per query by more than 90%. “Since we first began testing Al Overviews, we’ve lowered machine costs per query significantly. In 18 months, we reduced costs by more than 90% for these queries, while doubling the size of our custom Gemini model,” Sundar Pichai said.
Here is a chart plotting Google’s overall revenue, then ad revenue and then profit over the past several quarters:
Here is the snippet from the earnings report:
Here is a little tidbit from the earnings call:
“one in four Google lens searches have commercial intent” – Philipp Schindler, Alphabet Earnings Call
— Colan Nielsen (@ColanNielsen) October 29, 2024
Here’s what was most interesting to SEO’s in Google’s Q3, 2024 earnings call.
👉They’ve reduced the costs of AIO’s by 90%
👉People who use AIO’s come back to search more often
👉Project Astra expected as early as 2025
👉Search revenue up 13% YOY
👉>25% of all new code generated…— Marie Haynes (@Marie_Haynes) October 29, 2024
And here are Sundar Pichai’s posts on X:
2/ Gemini API calls, token volume, consumer usage, business adoption – all growing dramatically. And all 7 of our products and platforms with 2B+ monthly users use Gemini ******, including the newest 2B-user product, Google Maps. pic.twitter.com/kvNxrlXCTg
— Sundar Pichai (@sundarpichai) October 29, 2024
4/ For the first time ever, @YouTube’s combined ad and subscription revenue over the past 4 quarters surpassed $50B. And our Cloud business has great momentum, generating Q3 revenues of $11.4B, up 35% over last year pic.twitter.com/o26Oc2BNQ9
— Sundar Pichai (@sundarpichai) October 29, 2024
6/ Last but not least: @Waymo’s doing really well – 1M fully autonomous miles and 150K paid rides / week, plus partnerships with Uber + Hyundai, 6th-gen Waymo Driver, growing commercial opportunity. Here’s a photo after a recent concert in SF – Waymo after Waymo picking people… pic.twitter.com/zlaaz0JnxN
— Sundar Pichai (@sundarpichai) October 29, 2024
There is also this:
Sundar Pichai said on the earnings call today that more than 25% of all new code at Google is now generated by AI. pic.twitter.com/55Ph3GBIfX
— Andrew Curran (@AndrewCurran_) October 29, 2024
Forum discussion at X.
Source link : Seroundtable.com
