Quarterly Report — Q3 2024
Filed October 30, 2024
Revenue climbed to $88.3 billion in Q3 2024, up roughly 15% year-over-year from $76.7 billion, with Google Search and YouTube ads continuing to drive the bulk of growth. Google Cloud surged to $11.4 billion (up from $8.4 billion a year ago), signaling the AI-fueled cloud business is becoming a serious profit engine. The company plowed $13.1 billion into capital expenditures in the quarter — a clear bet that massive AI infrastructure spending today will lock in dominance tomorrow.
Filing details
Performance by segment
Google Services
Google Services revenue grew 13% YoY to $76.5B in Q3 2024, driven by Google Search & other revenues of $49.4B (up 12%), YouTube ads of $8.9B (up 12%), and Google subscriptions, platforms, and devices of $10.7B (up 28%). Operating income surged 29% to $30.9B, reflecting strong revenue growth and reduced compensation expenses. Subscriptions growth was fueled by YouTube paid subscribers and Google One, while devices revenues benefited from Pixel launch timing shifting to Q3 from Q4.
Google Cloud
Google Cloud revenue grew 35% YoY to $11.4B in Q3 2024, driven primarily by Google Cloud Platform infrastructure and platform services followed by Google Workspace. Operating income jumped from $266M to $1.9B, a more than 7x increase YoY. Revenue backlog was $86.8B as of September 30, 2024, with approximately half expected to be recognized over the next 24 months.
Other Bets
Other Bets revenue grew 31% YoY to $388M in Q3 2024, generated primarily from healthcare-related services and internet services. Operating loss narrowed slightly to $(1.1B) from $(1.2B) a year ago. Waymo, a consolidated VIE within Other Bets, received $5.6B in total funding (including $860M in October 2024), with the majority provided by Alphabet and some from external investors.