{"id":654336,"date":"2024-10-31T00:00:00","date_gmt":"2024-10-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/31\/google-reports-bumper-3q-earnings\/"},"modified":"2024-10-31T00:00:00","modified_gmt":"2024-10-31T00:00:00","slug":"google-reports-bumper-3q-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/31\/google-reports-bumper-3q-earnings\/","title":{"rendered":"Google reports bumper 3Q earnings"},"content":{"rendered":"

Google parent company Alphabet\u2019s 3Q 2024 results far exceeded analyst forecasts<\/strong>, with net income up 34% to USD 26.3 bn and revenue increasing 15% y-o-y to USD 88.27 bn, according to the company\u2019s earnings release (pdf)<\/a>. Earnings per share increased 37% at USD 2.12. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Driving the boost:<\/strong> The better-than-expected results suggest that the tech giant\u2019s expensive investments in AI are \u201cpaying off with consumers and partners benefiting from our AI tools,\u201d CEO Sundar Pichai said in the release. This return on investment is particularly evident in the company\u2019s 35% growth in cloud service sales to USD 11.4 bn and a ramp up in the numbers of users landing at the company\u2019s market-leading search engine, Bloomberg<\/a> says. Investors had earlier raised concerns that Google was losing ground on AI to rivals Microsoft and OpenAI and that massive investments to close the gap may fail to bear fruit. <\/p>\n

But the DoJ may ruin the party, yet:<\/strong> The US Department of Justice (DoJ) said in a 32-page<\/a>court filing earlier this month<\/a> that it was weighing measures that could see Google forced to spin off key divisions, share data, and open access to some platforms following a landmark court decision in August<\/a> which ruled that the company was in violation of US antitrust laws. The tech behemoth is also facing legal challenges over its ads business. Alphabet CEO Sundar Pichai was critical of the DoJ\u2019s legal campaign, warning on a conference call with investors that the measures could have \u201cunintended consequences\u201d for US leadership in the tech sphere, Bloomberg said. <\/p>\n

MARKETS THIS MORNING- <\/p>\n

Most Asian markets are a sea of red ahead of Bank of Japan\u2019s interest rate decision later today<\/strong>, with only mainland China\u2019s Shanghai Index up in trading. Over on Wall Street<\/strong>, futures are also slipping after Microsoft and Meta reported their earnings, dragging down their share prices in after hours trading. <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

30,371<\/p>\n<\/td>\n

\n

-0.8% (YTD: +22.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.71<\/p>\n<\/td>\n

\n

Sell 48.84<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.69<\/p>\n<\/td>\n

\n

Sell 48.79<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,019<\/p>\n<\/td>\n

\n

-0.4% (YTD: +0.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,328<\/p>\n<\/td>\n

\n

+0.2% (YTD: -2.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,605<\/p>\n<\/td>\n

\n

+0.5% (YTD: +13.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,814<\/p>\n<\/td>\n

\n

-0.3% (YTD: +21.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,160<\/p>\n<\/td>\n

\n

-0.7% (YTD: +5.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n

\n

4,886<\/p>\n<\/td>\n

\n

-1.3% (YTD: +8.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 73.05<\/p>\n<\/td>\n

\n

+2.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 2.85<\/p>\n<\/td>\n

\n

-0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,801<\/p>\n<\/td>\n

\n

+0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 72,515<\/p>\n<\/td>\n

\n

+0.2% (YTD: +72.2%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.8% at yesterday\u2019s close<\/strong> on turnover of EGP 3.1 bn (26.5% below the 90-day average). International investors were the sole net sellers. The index is up 22.0% YTD.<\/p>\n

In the green: <\/strong>Heliopolis Housing (+2.8%), B Investments Holding (+1.4%), and Edita (+1.2%).<\/p>\n

In the red: <\/strong>Cleopatra Hospitals (-3.9%), Ezz Steel (-3.0%), and Elsewedy Electric (-2.8%).<\/p>\n

\n

CORPORATE ACTIONS- <\/p>\n

#1- Raya Holding transferred 2.76 mn shares for a total of EGP 9.5 mn<\/strong> yesterday as part of its employee incentive and reward program, according to an EGX bulletin<\/a>.<\/p>\n

\n

\n

#2- Egytrans\u2019 board approved increasing Egytrans Arabia\u2019s capital from SAR 500k <\/strong>to SAR 10 mn<\/strong>, ensuring Egytrans' share contribution of SAR 5 mn, according to an EGX disclosure (pdf)<\/a>. The board also approved the restructuring of the Investment Committee.<\/p>\n

\n

\n

#3- Alexandria Container & Cargo Handling will be paying its shareholders a <\/strong>dividend<\/a><\/strong> of USD 0.003 and EGP 1.72 per share <\/strong>after its general assembly approved the move. The general assembly also approved EGP 2 mn bonuses for the CEO and non-executive chairman, alongside EGP 1.5 mn bonuses for each board member, the company said in an EGX disclosure<\/a>(pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The latest earnings show that Google\u2019s costly AI wager has paid off, CEO says<\/p>\n","protected":false},"author":1,"featured_media":654337,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,1143,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-654336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-google","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"44ac3d3a-47a2-4ebd-b571-83c1f54ca574","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2787.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Google reports bumper 3Q earnings as cloud services soar","related_issue":[654316],"teaser":"The latest earnings show that Google\u2019s costly AI wager has paid off, CEO says","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.8921135a-664a-4952-b44b-37cd042c445c.mp3"},"yoast_head":"\nGoogle reports bumper 3Q earnings - 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Real estate players continued to post strong results, as have food, investment, automotive, consumer finance and payments players. Here\u2019s the rundown:EDITA Edita Food Industries reported record net income and revenues in 3Q 2022 on the back of stronger\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/241.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":675575,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/16\/orascom-construction-gb-corp-e-finance-bonyan-report-earnings\/","url_meta":{"origin":654336,"position":1},"title":"Orascom Construction, GB Corp, e-finance, Bonyan report earnings","author":"enterpriseam admin","date":"16 November 2025","format":false,"excerpt":"Orascom Construction\u2019s net income jumps 134.3% in 3Q","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/2253.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":608534,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/22\/rising-interest-income-drives-fabs-record-earnings-in-3q\/","url_meta":{"origin":654336,"position":2},"title":"Rising interest income drives FAB\u2019s record earnings in 3Q","author":"enterpriseam admin","date":"22 October 2023","format":false,"excerpt":"Profits for the quarter jumped to AED 4.3 bn from AED 2.9 bn the year before","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1048.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577532,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/27\/oc-revenues-up-20-y-o-y-in-9m-2022\/","url_meta":{"origin":654336,"position":3},"title":"OC revenues up 20% y-o-y in 9M 2022","author":"enterpriseam admin","date":"27 November 2022","format":false,"excerpt":"Orascom Construction (OC) reported a 20.1% y-o-y rise in revenues to USD 3.05 bn in 9M 2022, according to its latest earnings release (pdf). Net income recorded USD 57.8 mn in the first nine months of the year (down 24.0% y-o-y.) The construction giant's revenues were up 32.7% y-o-y to\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/419.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":608424,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/19\/goldman-sachs-and-morgan-stanley-take-a-beating-after-3q-earnings-release\/","url_meta":{"origin":654336,"position":4},"title":"Goldman Sachs and Morgan Stanley take a beating after 3Q earnings release","author":"enterpriseam admin","date":"19 October 2023","format":false,"excerpt":"Morgan Stanley shares fell as much as 7.9% after releasing its 3Q earnings","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/972.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548150,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/so-far-so-good-on-us-earnings-for-2q\/","url_meta":{"origin":654336,"position":5},"title":"So far, so good on US earnings for 2Q","author":"enterpriseam admin","date":"27 July 2022","format":false,"excerpt":"The first US tech earnings are in \u2014 and they\u2019re not as disappointing as expected: Microsoft and Google parent Alphabet were the first of the US tech giants to release their second-quarter earnings yesterday amid investor unease about how global economic headwinds are impacting revenues in the sector. Microsoft missed\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/654336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=654336"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/654336\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/654316"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/654337"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=654336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=654336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=654336"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=654336"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=654336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}