Google (GOOGL) Q3 2021 earnings release beats revenue and EPS expectations
It's a positive Q3 2021 for Google (GOOGL), which exceeded its expectations.
This long week of stock market earnings releases continues with Alphabet, the parent company of Google and all that it entails, reporting in with its results for Q3 2021. The Mountain View, CA tech giant beat revenue and EPS expectations. Google's shares have risen in after-hours trading based on today's report.
Alphabet (GOOGL) reported earnings per share of $28.44 and revenues of $65.12 billion during Q3 2021. That's a 41 percent increase in year-over-year revenue from Q3 2020 to go along with a $21.03 billion operating income number.
"Five years ago, I laid out our vision to become an AI-first company," reads the statement from Alphabet/Google CEO Sundar Pichai This quarter’s results show how our investments there are enabling us to build more helpful products for people and our partners. Ongoing improvements to Search, and the new Pixel 6, are great examples. And as the digital transformation and shift to hybrid work continue, our Cloud services are helping organizations collaborate and stay secure."
"Our consistent investments to support long-term growth are reflected in strong financial performance, with revenues of $65.1 billion in the quarter," Alphabet/Google CFO Ruth Porat added in Tuesday's press release. We continued to deliver across our business by providing helpful and valuable experiences for both consumers and our partners."
Other highlights from today's report include revenue numbers of $37.93 billion for Google Search, $7.21 billion for YouTube ads, and $4.99 billion for the Google Cloud.
The following was issued in regards to stock repurchases:
During the three months ended September 30, 2021, we repurchased and subsequently retired 4.6 million aggregate shares for $12.6 billion, consisting of 0.5 million shares or $1.5 billion of Class A stock and 4.1 million shares or $11.1 billion of Class C stock.
Alphabet currently sits on $23.72 billion in cash and cash equivalents, which is slightly less than the $26.47 billion that the company had on-hand at the end of 2020. However, the total cash, cash equivalents, and marketable securities number is currently at $142 billion, as opposed to the $136.69 billion from that same December 2020 period.
Those are your main earnings numbers from Google. The full earnings call can be heard on YouTube. We'll be following the other big hitters in tech and gaming throughout the week so be sure to follow the Q3 2021 earnings release schedule.
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