Google Ad Revenue Up 10% - With Biggest Ad Revenue Quarter Ever

Oct 30, 2024 - 7:51 am 2 by
Filed Under Google News

Google Stock Chart

Google / Alphabet reported its Q3 2024 earnings last night, 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:

Google Earnings Chart

Here is the snippet from the earnings report:

Google Earnings Snippet

Here is a little tidbit from the earnings call:

And here are Sundar Pichai's posts on X:

There is also this:

Forum discussion at X.

 

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