YouTube advertising revenue jumped to $8.9 billion in the quarter ended Sept. 30, 2024, up from $7.9 billion a year earlier.
YouTube’s parent company, Alphabet, beat Wall Street’s revenue and profit expectations with revenue increased 15 percent compared to last year to reach $88.3 billion, with Google advertising representing most of the revenue, while net income increased 34 percent to reach $26.3 billion, or earnings per share of $2.12. Analysts had been expecting earnings per share of $1.85 and revenue of $86.3 billion.
Google’s subscriptions, platforms and devices business, which includes YouTube TV, NFL Sunday Ticket and YouTube Premium among other offerings, had revenue of $10.6 billion, up from $8.3 billion a year ago.
Alphabet CEO Sundar Pichai noted that Youtube’s total ads and subscription revenues came in $50 billion over the past four quarters for the first time.
The company also recently announced major project updates to YouTube that include a sleep timer, customizable playback speeds, the ability to create custom playlist thumbnails using generative AI and more.
“The momentum across the company is extraordinary,” Pichai said. “Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off with consumers and partners benefiting from our AI tools. In Search, our new AI features are expanding what people can search for and how they search for it. In Cloud, our AI solutions are helping drive deeper product adoption with existing customers, attract new customers and win larger deals. And YouTube’s total ads and subscription revenues surpassed $50 billion over the past four quarters for the first time. We generated strong revenue growth in the quarter, and our ongoing efforts to improve efficiency helped deliver improved margins. I’m looking forward to driving more advances for consumers, customers and creators globally.”
More to come.
English (US) ·