Google, the world's largest search engine company, beat market expectations in the third quarter thanks to growth in the cloud sector.
Google parent Alphabet Inc GOOGL.O reported revenue of $88.2 billion and earnings per share of $2.12 in the third quarter, up 15% from a year ago, beating estimates of $1.85.
Digital advertising revenue, the largest portion of revenue, rose 10% from a year ago to $65.8 billion and high-interest cloud segment revenue rose 34.9% to $11.3 billion, beating estimates of $10.8 billion.
Google's earnings beat expectations, helped by steady growth in its digital advertising business and increased AI-based demand for cloud services.
Investments in artificial intelligence in the search and cloud sectors are "performing" and YouTube sales have topped $50 billion over the past year, CEO Sundar Pichai said.
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