Digital Transformation Slows Down the Global Economy
Alphabet Showed Revenue Growth of 11 Percent in 2023
By Aarti Dhapte , 04 December, 2023
Alphabet has recently revealed its third-quarter earnings reports for 2023 in October. The third quarter earnings reports of Google's parent company, Alphabet, show a revenue growth of 11 percent in 2023.
The recent data provided by Alphabet from its third-quarter earnings reports shows that the company acquired a double-digit score in the year-on-year growth since the second-quarter earnings of 2022. According to Alphabet officials, the company showed progress in the third quarter earnings due to artificial intelligence (AI) induced products. Artificial intelligence has driven the profits with innovations in Search, Cloud, YouTube, and other services of Alphabet. The tech world is enhancing with artificial intelligence technologies that help organize data, solve problems, and others. Generative AI makes it more efficient for the users with its various tools like ChatGPT that help generate content, such as write-ups, videos, blogs, images, and many other functions. Thus, the company also focuses on making artificial intelligence more accessible and functional for users.
According to the data given by another survey, Alphabet gained momentum with its progress in revenue received from the advertising industry. The growth in advertising accounted for USD 59.65 billion in 2023; earlier in 2022, the statistics for advertising revenue growth was USD 54.48 billion. Alphabet's third-quarter earnings reports show that Google Search and others made USD 44,026 million in 2023, up from USD 39,539 million in 2022. Similarly, YouTube ads generated a revenue of USD 7,952 million in the third quarter of 2023. As per the sources, views for YouTube shorts and videos have increased immensely in 2023, as the shorts are currently receiving 70 billion views in a day. Thus, the rise in Alphabet's revenues indicates the company's assurance to improve its services and AI-based tools for better user experience.
Alphabet Income Statement Visualized
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Aarti Dhapte
Team Lead - Research
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