Shares of Google parent company Alphabet fell Tuesday during after-hours trading, even as the technology behemoth reported revenue that crushed analysts’ expectations.
Alphabet’s third quarter revenue climbed +41% from the year-ago quarter to $65.12 billion, exceeding the $63.34 billion expected by analysts polled by Refinitiv.
The company’s earnings came in at $27.99 per share, well above estimates of $23.48.
Google’s advertising revenue in the quarter surged +43% year-over-year to $53.13 billion. Google Cloud revenue increased almost 45% from the year-ago quarter to $4.99 billion.