Today after the bell, Alphabet announced its Q3 performance. Google's parent company generated revenue of $ 46.2 billion and earnings per share of $ 16.40 on net income of $ 11.2 billion.
Analysts had expected Alphabet to earn $ 11.21 per share, from revenue of $ 42.88 billion according to Yahoo Finance; other estimates were broader, targeting $ 11.37 in earnings per share over revenue of $ 42.84 billion.
Shares in the company instantly jumped about 8.5% after its earnings hit.
Digging into the company's numbers, Youtube revenue increased to $ 5.0 billion, from $ 3.8 billion in the third quarter of 2019. Analysts had expected YouTube to generate $ 4.52 billion in total revenue during the most recent quarter.
Google Cloud managed to generate $ 3.44 billion from $ 2.4 billion in the third quarter of 2019. Google Cloud's collection of cloud computing, productivity software and other business services generated $ 3.0 billion in the second quarter of this year. Analysts had expected Google Cloud to generate $ 3.31 billion in total revenue during the last quarter.
And Alphabet's skunkworks division, Other bets was able to generate revenues of $ 178 million, another quarter where the combination of companies was an excellent source of negative operating income. Effort collection lost $ 1.1 billion in the quarter.
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