Google Cloud just had a massive moment—its revenue shot up 34% to $15.2 billion in Q3 2024, making it Alphabet's second-largest revenue generator after Search, surpassing YouTube in quarterly revenue.
Thanks to booming demand for AI and cloud services, Alphabet pulled in a record $102.35 billion this quarter, with profits hitting $35 billion.
AI shifts Google's focus from ads to tech
Alphabet isn't just the "ads company" anymore. After pouring $91 billion into infrastructure last year, it's now one of the world's top tech investors and is shifting focus from ads to AI and cloud tech.
Google Cloud is now neck-and-neck with YouTube as Alphabet's second-biggest moneymaker—a huge change that shows how much AI is shaping what Google does next.
With $155 billion backlog, expect big moves from Alphabet
This growth proves Google isn't just about search ads—it's becoming a major player in AI and cloud computing.
With a $155 billion backlog and annual revenue run rate near $61 billion for its cloud division, expect even more big moves from Alphabet as it leans into the future of tech.