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Alphabet Inc (GOOGL) Q3 2017 Hardware and Cloud Revenue Surges Y/Y

Alphabet Inc (NASDAQ:GOOG,NASDAQ:GOOGL) impressed analysts with its third-quarter results, which saw its cloud business grow considerably.

Alphabet (GOOGL)The company’s earnings continue to be a strong point as the company heads towards the end of the fiscal year, raking in $9.57 per share in profit, topping Wall Street’s consensus estimate of $8.34 per share. In the year-ago mark, the company earned $7.25 per share in an adjusted basis.

The Google parent company also unveiled revenue of $27.77 billion, beating the mark that analysts were calling for of $27.2 billion. The figure was also better than the year-ago revenue by 24%.

Alphabet’s Other revenues, including hardware and cloud services, surged to $3.4 billion, beating the year-ago figure of $2.43 billion. The company added more than 8,000 workers, many of which were added to its cloud business, which grew the most among the company’s segments.

The company invested heavily on its Google Cloud data centers, its content for YouTube, as well as hardware-related costs. Alphabet intends on investing more in these areas by adding more engineers.

“You’re clearly entering an era where you’re going to have different types of computing experiences,” Google CEO Sundar Pichai said during the conference call with analysts in regards to the need to add more technical and sales workers to the company. “To do so to do that and to stitch it all across, I think it’s important that we thoughtfully put our opinion forward.”

GOOG stock popped 2.8% after hours, while GOOGL shares gained 3.3% after the bell.

Article printed from InvestorPlace Media, https://investorplace.com/2017/10/alphabet-inc-googl-goog/.

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