Google’s parent company Alphabet posted record revenue of $102.35 billion in the third quarter of the year, beating analysts’ expectations of $99.9 billion. A year earlier, the turnover was 88.27 billion dollars.
The company announced its results after Wall Street’s stock markets closed. In the aftermarket, the share was up 5.5 percent.
The company’s net profit rose to 35 billion dollars from 26.3 billion dollars the previous year, which was also better than analyst expectations.
Cloud services boosted by artificial intelligence were behind the strong result, which is why the company said it is increasing its investments. The turnover of Google Cloud services increased by 34 percent to 15.2 billion dollars.
The company said it will increase its investments to 91-93 billion dollars this year, compared to the previous expectation of investments of 75-85 billion dollars. Most of the investments go into technical infrastructures such as data centers.