Alphabet has just released its Q3 2017 results, with earnings of $27.72 billion, up 24% from the same quarter last year. These numbers cover July to September of this year and beat analyst expectations, with the stock up over 4% in after-hours trading.
Revenue is up 24% from $22.55 billion in Q3 2016, with net income at $6.73 billion for this quarter. For comparison, Alphabet reported $26.01 billion in revenue and $6.26 billion in net income last quarter.
“We had a terrific quarter, with revenues up 24% year on year, reflecting strength across Google and Other Bets,” said Alphabet CFO Ruth Porat. “Our momentum is a result of investments over many years in fantastic people, products and partnerships.”
Stock is now up 4% in after hour trading primarily due to Alphabet reporting earnings per share at $9.57 versus an estimated $8.33.
Hardware sales of the Google Pixel and Home are grouped together with the Play Store, enterprise efforts, and more in “Other Revenues.” This quarter it is at $3.4 billion, compared to $2.4 billion the same quarter last year. Of course, it does not include any of the products Google announced at its October 4th event.
During the earnings call, Sundar Pichai noted that first day pre-orders for the Pixel 2 were double that of last year’s. Heading into the incoming holiday season, the Google CEO also said that they’re investing in marketing and launching products in more countries and through additional retailers.
The much-analyzed “Other Bets” continues to lose money, but is slowly increasing revenue. It reported $302 million revenue primarily generated by Nest, Verily, and Fiber, with operating loss up to $812 million from $772 million in the previous quarter.
As usual, Alphabet will hold an earnings call with investors and members of the press to further break down numbers from its Q3 2017 earnings release. You can follow along via the livestream below and we’ll have coverage of any notable tidbits the company reveals.
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