Alphabet, Google’s parent company, released a financial report showing that YouTube generated $8.92 billion in advertising revenue in the third quarter, up 12.2% from the same period last year. At the same time, Wall Street analysts predicted YouTube advertising revenue at $8.89 billion, Variety reports.
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Video streaming platform YouTube’s total revenue has topped $50 billion for the first time over the past four quarters, according to Alphabet and Google CEO Sundar Pichai. That averages more than $12.5 billion in quarterly revenue, which it notes does not include revenue from subscriptions to YouTube TV, YouTube Premium, YouTube Music Premium and NFL Sunday Ticket. Although Alphabet doesn’t regularly release YouTube quarterly reports, these numbers indicate significant growth.
Philipp Schindler, Google’s chief commercial officer, said at the company’s third-quarter earnings call that YouTube’s ad commitments were up 20% year-on-year. He also said that content from the 2024 Summer Olympics in Paris received 12 billion views, with 35% of the viewing time coming from YouTube TV.
Alphabet’s total revenue was $88.27 billion, up 15% year-over-year, and net income reached $26.3 billion, up 34%. That resulted in earnings per share of $2.12, well above Wall Street expectations of $86.3 billion in revenue and $1.85 in earnings per share, according to LSEG.